HMV TIMELINE
The HMV collapse and rebuild timeline
Follow CMU’s coverage of the collapse and subsequent build of HMV | CLICK for more timelines
HMV REVIEWED AS SIMON FOX BECOMES CEO
July 2006
• HMV appoints new top man
January 2007
• Changes at HMV too – and the MD is going there too
March 2007
• Major HMV review planned
• HMV announces wide-ranging review
September 2007
• HMV launches next gen store in Dudley
March 2008
• HMV revamps and expansion
April 2008
• HMV to open service station store
October 2008
• HMV opens next gen store in London
HMV’s DIGITAL EXPERIMENTS
November 2007
• HMV Digital drops subscription service
April 2008
• HMV to go DRM free
June 2008
• HMV launches blogging site
September 2008
• HMV to launch MP3 store this month
November 2008
• HMV launches MP3 store
September 2009
• HMV to close GetCloser
July 2010
• All new look HMV Digital launches
October 2010
• HMV piloting third party online marketplace
• HMV Digital becomes part of 7Digital site
UPS AND DOWNS IN FORTUNE
December 2006
• HMV says trading conditions remain tough
June 2007
• HMV confirms profits halved last year
September 2007
• Growth at HMV
December 2007
• HMV upbeat despite losses
January 2008
• HMV’s fortunes turn
May 2008
• HMV financials looking good
November 2008
• HMV to pass on VAT cut
December 2008
• HMV posts half year loss
DEMISE OF FOPP: HMV BUYS SOME FOPP STORES
July 2007
• Fopp goes into administration
• HMV may buy some Fopp stores, and maybe Fopp brand
• HMV buys six Fopp stores
August 2007
• HMV to acquire original Fopp
DEMISE OF WOOLIES & ZAVVI
November 2008
• Woolworths goes into administration
• More on Woolies
December 2008
• Woolworths slashes prices
• Zavvi calls in consultants to deal with financial and supply problems
• Woolies to close in new year
January 2009
• Retail Doom And Gloom Part One – Zavvi
• Retail Doom And Gloom Part Two – Woolies
• Retail Doom And Gloom Part Three – Any silver lining?
• HMV snaps up 14 Zavvi stores
• More Zavvi stores close
February 2009
• Zavvi to go, HMV buys more stores, so does a thing called Head
October 2009
• HMV considering acquiring the flagship Megastore, possibly
DEMISE OF BORDERS UK
November 2009
• Is Borders on the brink?
• Borders goes into administration
December 2009
• Borders starts closing down sales
• Borders could be gone by next week
• Borders is no more
FOX PURSUES DIVERSIFICATION STRATEGY
April 2009
• HMV music sales up, but continue to diversify
March 2010
• Diversification to continue at HMV: Bring on the catwalk
May 2010
• TGE: HMV chief on diversification, iTunes and extending his brand
DIVERSIFICATION: 7DIGITAL ACQUISITION
September 2009
• HMV buys 3.5digital
DIVERSIFICATION: MOVE INTO LIVE VIA MAMA ACQUISITION
January 2009
• HMV moves into live music with the help of MAMA
June 2009
• Polydor, HMV and Mean Fiddler collaborate on album launch
December 2009
• HMV to bid for MAMA Group?
• MAMA Group profits up up up
• HMV makes bid for MAMA
January 2010
• HMV’s rival bidder for MAMA steps down
February 2010
• HMV’s MAMA offer now unconditional
March 2010
• Post-takeover changes begin at MAMA, Driscoll departs
• More MAMA movements
May 2010
• HMV commercial chief moved into MAMA
MORE UPS AND DOWNS IN FORTUNE
February 2009
• Traditional music retail continues to decline
April 2009
• HMV music sales up, but continue to diversify
May 2009
• HMV launches loyalty card
July 2009
• HMV reports healthy profits
September 2009
• HMV to open temporary stores for Christmas rush
January 2010
• HMV sales up
• Some HMV pop up stores to stay
February 2010
• Report says City still cautious about HMV future
March 2010
• Might private equity buy HMV?
April 2010
• HMV retail sales down
June 2010
• HMV share price up, are private equity bid rumours credible?
• HMV sees sales and profits rise
September 2010
• HMV sales down – blame the football, I say
November 2010
• Vote of confidence from Russian billionaire, new TM for fashion future
• HMV to shut one of its Oxford Street stores
SALE OF WATERSTONES AND HMV CANADA
July 2010
• What will HMV do with Waterstones?
December 2010
• Russian business man increases HMV stake
March 2011
• HMV may be considering Mamut’s Waterstones bid
• HMV will propose to banks it sells Waterstones
• More speculation about Mamut HMV bid
• HMV considering sale of Waterstones and Canadian arm
May 2011
• HMV close to deal on Waterstones sale
• HMV sells Waterstones to Mamut
June 2011
• HMV sells Canadian stores
April 2013
• HMV Canada launches download and streaming service
June 2013
• HMV Canada still doing alright
FINANCIAL PROBLEMS BEGIN
December 2010
• HMV losses widen
January 2011
• HMV to close 60 stores as Christmas sales disappoint
• HMV suppliers denied credit insurance
• HMV consults KPMG over debts
February 2011
• HMV store closures begin
• HMV shareholder asks bankers to review firm’s options
• HMV share price rises amid takeover talk
• HMV’s lenders appointing advisors
March 2011
• HMV admits it is likely to breach loan covenants
• HMV preparing presentation for banks
• HMV boss insists his company has a future on the high street
April 2011
• HMV issues new profit warning
• HMV looks to majors for better terms to help with cash woes
May 2011
• Fox says HMV is back from the brink
June 2011
• HMV close to securing new loan deal
• HMV secures new loan agreements, but at a cost
FINANCIAL PROBLEMS WIDEN – STORE REVAMPS & GADGETS PUSH
June 2011
• HMV profits down 61%
September 2011
• HMV has difficult summer, but Fox still optimistic about store revamp
October 2011
• HMV in talks to sell 7Digital stake
• HMV launches consumer electronics push
November 2011
• HMV launches stand alone gadget shop for Christmas
• HMV launches bus stop stores
December 2011
• HMV publishes gloomy figures, set for first ever year end loss
January 2012
• HMV sales down as MAMA bidder speculation widens
• HMV to increase music stock
• HMV Group announces new supplier and bank deals
February 2012
• HMV boss confirms less shelf space for games
• Amazon biggest entertainment retailer in UK
• HMV denies Amazon is now a bigger entertainment retailer
GAME GOES INTO ADMINISTRATION
March 2012
• Game on the brink
• Game suspends shares
• Editor’s Letter – What would Game’s demise mean for HMV?
FINANCIAL PROBLEMS CONTINUE
May 2012
• HMV increases entertainment retail market share slightly
• HMV losses set to be higher than predicted
June 2012
• Restructuring company possibly looking to acquire HMV debt
July 2012
• Retailers criticise record industry’s release bunching
• Amazon accounts for fifth of UK entertainment retail sales
• HMV seeks to change LSE category
August 2012
• HMV says it will return to profit after confirming losses
• HMV to open test social store
• HMV changes stock market listing
• HMV phases out loyalty programme in favour of My HMV platform
September 2012
• HMV shuts one of its Birmingham stores, but no more
• Sales slip further at HMV
January 2013
• Amazon increases lead in entertainment retail
SIMON FOX DEPARTS
August 2012
• HMV boss to depart
• HMV finance chief to depart too
September 2012
• Former HMV CEO to head up Trinity Mirror
SALE OF MAMA
January 2012
• MAMA bidders in talks with HMV
• HMV sales down as MAMA bidder speculation widens
March 2012
• MAMA Group sale enters second stage
• HMV responds to MAMA sale speculation, sort of
April 2012
• Sony reportedly bidding for HMV’s MAMA, as OpCapita buys Game UK
• Key MAMA directors to depart as HMV sale goes through the motions
• SuperVision managers launch new agency
• MAMA managers to join Red Light Management, reports say
May 2012
• Former SuperVision managers to launch Red Light London
• AEG favourite to get the MAMA Group
• HMV may keep hold of its festivals business for the time being
June 2012
• AEG buys Hammersmith Apollo from HMV
July 2012
• HMV shareholders back Apollo sale
December 2012
• HMV sells MAMA Group
FINAL BATTLE FOR SURVIVAL
December 2012
• Record companies and DVD firms backing HMV to tune of £40 million
• HMV set to break loan covenants in January
• Wall Street fund looking to force control over HMV
• Universal faces £150 million liability if HMV goes under, says Telegraph
• HMV lenders resisting Apollo approach
VIRGIN FRANCE DECLARES INSOLVENCY
January 2013
• Virgin France to declare insolvency
• Virgin France to declare itself insolvent today
HMV GOES INTO ADMINISTRATION
January 2013
• HMV confirms company heading into administration
• ERA and BPI issue statements on HMV administration
• LVCR campaigners say VAT-dodging etailers killed HMV
March 2013
• HMV debts revealed in Statement Of Affairs
• HMV’s Guernsey company goes into administration
• HMV debts topped £347 million at collapse
April 2013
• Hilco’s HMV deal announced, some closed stores to reopen
• HMV market share slips 1.5% in administration quarter
FALLOUT AND NEGOTIATIONS
January 2013
• 7digital boss says HMV administration will not affect business
• Editor’s Letter – Can high street music escape His Master’s Void?
• Indie distributors hopeful that impact of HMV collapse can will be reduced
• HMV accepting gift vouchers again
• WH Smith not interested in capitalising on HMV’s demise
• Joseph buys HMV out of G-A-Y
• Record sales up in January as HMV collapse rallies sales
February 2013
• HMV administrators negotiate with labels over stock, 190 staff axed at HQ
• ERA boss reckons more HMVs could close
March 2013
• WH Smith brings back some CDs, but on a nominal tactical basis
August 2013
• Unsecured creditors will see nothing from HMV administration
STORE CLOSURES AND JOB CUTS
January 2013
• HMV shuts Irish stores as Blockbuster UK goes into administration
• HMV staff in Limerick continue sit-in over wages
February 2013
• HMV administrators negotiate with labels over stock, 190 staff axed at HQ
• CMU Beef Of The Week #143: Ex HMV staff v HMV management
• HMV store closures expected this week
• HMV announces 66 store closures
• 60 more execs go at HMV HQ
• HMV confirms Irish stores to stay closed
• HMV announces 37 more store closures
July 2013
• HMV replacement flips its sign to avoid trademark dispute
BIDDERS COME FORWARD
January 2013
• Potential bidders come forward for HMV
• Game interested in acquiring some HMV stores
• HMV suppliers back Hilco rescue plan
• Hilco acquires HMV debts
• Hilco hopes to save HMV following debt purchase
• Supermarkets interested in HMV stores not included in Hilco’s rescue plan
February 2013
• Four supermarkets and pound shops amongst those bidding for HMV stores
• Morrisons buys six HMV shops
• HMV sells Asian shops
March 2013
• Is ASDA a late bidder for HMV?
• Hilco now the only HMV bidder
HMV SOLD TO HILCO
April 2013
• Hilco’s HMV deal announced, some closed stores to reopen
• Deloitte and Hilco comment on HMV sale, new CEO announced
February 2015
• Advisors earn millions while creditors will receive little
THE NEW HMV IN THE UK: CHANGES
April 2013
• Hidden Nipper in new HMV site
• HMV to shed 400 jobs, reports The Times
May 2013
• HMV PR chief moves to BPI
• Hilco to appoint new HMV marketing chief this week
June 2013
• HMV could return to its original Oxford Street site
• HMV’s flagship store to become a Sports Direct
July 2013
• HMV HQ moves
• Tesco now second biggest entertainment retailer as HMV slips
August 2013
• Hilco confirms HMV’s return to original Oxford Street store
• HMV appoints new customer loyalty chief
September 2013
• HMV appoints new marketing boss
• HMV returns to original London store tomorrow
October 2013
• HMV Chairman shares plans via NME blog post
• Limited edition vinyl giveaways at HMV Oxford Street this week
November 2013
• HMV relaunches loyalty scheme
December 2013
• HMV confirms move away from gadgets
January 2014
• HMV closes stores where more favourable rents not available
• One less store closure for HMV, as last minute deal done
May 2014
• HMV to downsize flagship Glasgow store
June 2015
• HMV for some reason thinks vinyl can go mainstream again
February 2017
• HMV in talks to depart Oxford Street, say sources
April 2018
• HMV CEO Ian Topping to step down
THE NEW HMV IN THE UK: PERFORMANCE
May 2014
• HMV and WH Smith come bottom in high street retailer survey
July 2014
• HMV doing just fine, says Hilco boss
August 2014
• HMV increases its market share
September 2014
• HMV boss remains bullish
• HMV scored profits of £16.7 million in year after administration
January 2015
• HMV overtakes Amazon as UK’s biggest retailer of physical music
April 2015
• Kantar figures confirm HMV biggest seller of physical music again
June 2016
• Sainsbury’s crowns itself King Of Vinyl, HMV thinks it’s still top dog
Feburary 2018
• Physical music sales continued to decline over Christmas
October 2018
• HMV biggest seller of music discs this summer
THE NEW HMV IN IRELAND
May 2013
• Hilco in talks with former HMV landlords in Ireland
June 2013
• HMV to return to Irish high street
August 2013
• HMV brand to expand in Ireland thanks to Xtra-vision alliance
June 2015
• HMV announces alliance with Tesco Ireland
July 2016
• HMV to close Irish stores
September 2016
• HMV owner responds after ex-staff affected by liquidation of Irish business
April 2018
• HMV shuts Irish mail-order site
THE NEW HMV ABROAD
July 2015
• HMV to expand into Middle East via licensing deal
October 2015
• HMV planning international expansion of retail website
December 2018
• HMV stores in Hong Kong to close after tough year
THE NEW HMV ONLINE
August 2013
• HMV appoints new digital man
October 2013
• HMV launches new download service
• HMV’s new download app removed from Apple store
• ERA supports HMV in Apple squabble
• CMU Beef Of The Week #179: HMV v Apple
November 2013
• Cut back HMV app available in Apple store
December 2013
• HMV Digital app rolls out in Canada
February 2014
• HMV download app coming to BlackBerrys
May 2015
• HMV to return to mail-order
THE COLLAPSE OF HMV CANADA
January 2017
• HMV Canada goes into receivership
• HMV Canada boss discusses company’s collapse
February 2017
• Independent music retailer plans to take over 70+ HMV Canada stores
MORRISSEY V HMV
June 2017
• Morrissey accuses HMV of attempting to suppress sales of Smiths reissues
• Turns out HMV actually DID want to sell those Smiths records
December 2017
• HMV denies refusing to stock new Morrissey album
HMV UK GOES INTO ADMINISTRATION AGAIN
December 2018
• HMV UK heading back into administration
• ERA comments on HMV administration
Last updated: December 2018