After disappointing sales MHV are said to close 40 stores, including one very close to home in Croydon, Centrale.
On 15th January 2013 HMV went into administration after disappointing Christmas sales and the VAT rise left them well below desired profits. What was blamed on the “bad weather and challenging trading conditions” by HMV, is more likely the easy and efficient online shopping which has now attracted many customers. HMV was very late to join the online market, subsequently missed out on the mass of traffic that sites such as Amazon or ebay receive for CD’s and DVD’s.
As well as the closures, HMV are also said to be making cuts of about £10m to prevent the shop from going completely under. This has resulted with mass firings which, due to Twitter, the general public were made aware of after staff sent out twitter feeds of what was called a “mass execution.”
Now, in the HMV Croydon Centrale branch there are many products on sale to clear out the shop for its predicted closure in a couple months’ time.
