I predicted that HMV would fail – two years ago. The survival of the venerable British brand, defying doomy analysts’ forecasts, the digital musical revolution and generalised High Street decline, was arguably more surprising than its eventual slide into administration overnight on Monday. It still hurts – even if there is sense in the cold argument that “zombie” companies need to be cleared out before recovery begins. Everyone has shopped at HMV. Its demise has left my son as an unsecured creditor, with £30 of unspent HMV gift vouchers that now have purely souvenir value.
The fact the company lasted this long was partly down to the misfortune of rivals like Virgin Megastore, Woolworths, Game and Zavvi, whose earlier collapse drove CD, DVD and computer game buyers to the few remaining physical outlets. Read more