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.
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Related information:
Businesses in administration
Business restructuring advice
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