Phil MeekinView Profile
In addition to the 4000 plus jobs being lost as a direct result of this collapse, there will be numerous small businesses affected.
Its headlines again, HMV another large previously successful business has gone into Administration.
This is probably one of the oldest high-profile companies to collapse since the start of the recession. After 91 years trading the store has closed its doors. We are all aware shopping can be cheaper online, I too am guilty of this. Times change, it is now a digital age where 73% of music and film are downloaded or bought online. It is so much more convenient than the traditional way of shopping. Indeed, the forecast is by the year 2015, a huge 90% of music and film will be downloaded leaving no real future for physical music sector shops in the high street.
HMV did not respond early enough to the digital age. If it had gone on line 10 years earlier the forecasters report that they could have built up a huge presence because of their strong brand name. As it is now we all think of Amazon as the leader in the sales of music and film.
In addition, to the 4000 plus jobs being lost as a direct result of this collapse, there will be numerous small businesses affected. HMV have not been paying some of their creditors and this in turn will force some small businesses to close.