Buyvia.co.uk in talks to rescue HMV Stores from liquidation
HMV is among the largest retailers of DVDs, music, gadgets, and the likes. However, HMV is facing the chances of liquidation and being shut down altogether in the UK.
HMV has been taking various hits that have been weakening their business and are threatening them to close down for good. For one thing, the higher rental fees are costing them almost an arm and a leg to stay open while potential lawsuits along with a lack of customers have been keeping them on the edge.
The company itself has been trying to make as many changes as possible to turn around their near doom. While their efforts seemed to have been working alright at first, they have a large amount of debt, being worth about £176 million. That extreme debt will not make it easy for any retailer to stay open for very long.
HMV’s mainly sells music, and in this day and age, most people prefer to use streaming apps on their phones to play music or have the music downloaded directly into their phones. Because of the new online music industry, it has caused an intense decline in their sales.
In the UK, it is estimated that about over 2,000 people are employed at HMV stores, which could lead to unfortunate unemployment to many if the liquidation pulls through. Not only is the retailer itself struggling to thrive in this new market, but thousands of people can easily face having no jobs very soon.
HMV Retail had about seven physical stores that were up and running in Hong Kong, however, they were forced to be closed. Most developed countries are ditching CDs and DVDs and favoring streaming things instead. Hong Kong is a fast-paced country with all the latest tech, so it’s no surprise as to why HMV Retail found it hard to survive in this ever-changing economy.
For one thing, HMV didn’t seem to have any definite plans on how to make their company survive for the future, since their main products are outdated due to the rise of streaming music and videos. Because of the lack of plans and new technology, they aren’t generating enough revenue to keep their business running. For instance, when Apply had launched their AirPods, which are their new wireless earphones, there was a significant drop in their sales for their best selling earphones.
However, all hope may not be lost for HMV Retail in the UK just yet. For all your classic CD and DVD lovers out there, there is talk that Buyvia.co.uk has plans on saving the beloved retailer.
BuyVia is a tech startup company that offers you the best deals possible for tech-related items. They are known to give out great coupons to help you get the most out of your money for quality products.
BuyVia really believes in the worth of HMV Retail, which is why they are planning to help save the retailer from falling into liquidation in the UK.
For more information visit https://buyvia.co.uk/