Tue, 30 Sep 2014 | ADMINISTRATION
Over a year after HMV plunged headfirst into administration it is now set to record operating profits of £17 million for the last 11 months.
It also achieved sales of £311.2 million between 29 January and 28 December 2013, according to news reports.
Its successful turnaround, at the hands of restructuring firm Hilco, extends to all of its stores, with all now profitable. The restructuring programme involved cutting loose some of its outlets and opening a new Oxford Street flagship store, where it started out in 1921. Also, its previously crippling debts and overhead costs have been cut down.
Looking forward, the retailer aims to up the number of in-store events 10-fold, continuing to offer live music, which has gone down a treat with fans, and selling opportunities.
On the change of tack Hilco’s founder and HMV chairman Paul McGowan said: “This reflects HMV’s renewed focus on going back to its roots and getting the basics right.”
It is also looking to sponsor more film and music events to build on its new profile, and open four new stores in the UK over the next year. Universal, Disney and 20th Century Fox have agreed to work with HMV, all eager to support its competition with Amazon, other internet retailers and supermarkets, and to prevent them becoming more powerful.
Back in January 2013, when HMV entered administration, 223 shops were at risk of closure and over 4,000 staff could have lost their jobs. Hilco took the reigns of the business three months later.
_____________________________________________________________
Related information:
Businesses in administration
Business restructuring advice
Offering marquee hire from small to large this business services mainly the events industry, its own smaller marquee competitors and occasional work directly with individuals. They can support parties and weddings through to corporate dinners, festiv...
LEASEHOLD
This contemporary, stylish 4 star hotel has 24 comfortable and individually-designed ensuite bedrooms, a modern bar and a recently refurbished restaurant with a great vantage point and some of the best seaside views in North Wales.
This is an attractive and strategically well-located hotel in the heart of Porthmadog and a stone’s throw from the junction of the A497.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.