Do you have a link for this? I'm just interested to know the date that they knew they were going into administration. For example, was it before Christmas or after?
HMV is facing growing anger over its decision to refuse gift vouchers, and many customers believe the company should have stopped selling them in early December after warning investors of the coming crisis. Yesterday police were called to a HMV store in Oxford to sort out a dispute sparked when staff refused to accept vouchers from two customers.
Finance director Ian Kenyonn said the company was confident of its legal position, having checked with lawyers back in December.
Their finance manager slipped up and dropped a ball today.
He admitted they knew they were going to go into admin, he even said they spoke to a lawyer in december about what to do with the gift vouchers that are out there.
Though presumably the legal advice they received was that (at that stage) they could continue trading? Like I said, there isn't really a grey area for companies to be in - if a retailer announced "we're stopping selling gift vouchers because we think we might be about to go bust" then it'll just be a self-fulfilling prophecy because everyone else will stop giving them credit too.
Though presumably the legal advice they received was that (at that stage) they could continue trading? Like I said, there isn't really a grey area for companies to be in - if a retailer announced "we're stopping selling gift vouchers because we think we might be about to go bust" then it'll just be a self-fulfilling prophecy because everyone else will stop giving them credit too.
Yeah, still dodgy though isn't it.
Not sure it was advisable for him to go shouting that from the rooftops that they were seeking legal advice on the issue back in the run up to christmas and even though they knew they were going they still went ahead and ripped people off (albeit legally).
Not sure it was advisable for him to go shouting that from the rooftops that they were seeking legal advice on the issue back in the run up to christmas and even though they knew they were going they still went ahead and ripped people off (albeit legally).
It's substantially less dodgy than the directors not seeking legal advice, or declaring insolvency when the company could potentially have pulled through.
I think someone has argued with everything I've posted on this forum so far.
I give up.
Actually you are spot on. HMV bosses disgust me after this gift card fiasco. Finance Director Ian Kenyon seeks legal advice on the issue - to see if he can stuff loyal HMV customers by taking their money and then essentially renage on the deal, leaving many youngsters in tears. Nice way for a long standing company to behave isn't it? Leaves a very bitter taste in the mouth, and if HMV do survive that won't be forgotten.
It's a great pity, as I actually want HMV to survive in some form, if only for the people that want to buy some of their media from a shop as opposed to online.
Hopefully, any new buyers will seek to rectify the damage done.
its the staff i feel sorry for.not only have they lost their jobs they are also getting the flak from the gift card holders
Indeed.
I can imagine that people are going in with a fistful of vouchers knowing HMV aren't taking them and having a pop at the staff for the sake of it (the ones who didn't make the rules and are only following them, at that).
"Such a business model" would include News Corp nearly bankrupted when they started Sky, Virgin in the early days, Apple when they had to be bailed out by Microsoft and many more.
Hardly "doomed".
And disagreeing with you is not "shouting down".
This is probably a good indication of why many consumers don't think negative news reports will inevitably proceed bankruptcy.
Comments
http://www.eurogamer.net/articles/2013-01-16-angry-grandfather-walks-out-of-hmv-with-3-games-after-staff-refuse-to-accept-gift-voucher
Though presumably the legal advice they received was that (at that stage) they could continue trading? Like I said, there isn't really a grey area for companies to be in - if a retailer announced "we're stopping selling gift vouchers because we think we might be about to go bust" then it'll just be a self-fulfilling prophecy because everyone else will stop giving them credit too.
Yeah, still dodgy though isn't it.
Not sure it was advisable for him to go shouting that from the rooftops that they were seeking legal advice on the issue back in the run up to christmas and even though they knew they were going they still went ahead and ripped people off (albeit legally).
It's substantially less dodgy than the directors not seeking legal advice, or declaring insolvency when the company could potentially have pulled through.
I give up.
Actually you are spot on. HMV bosses disgust me after this gift card fiasco. Finance Director Ian Kenyon seeks legal advice on the issue - to see if he can stuff loyal HMV customers by taking their money and then essentially renage on the deal, leaving many youngsters in tears. Nice way for a long standing company to behave isn't it? Leaves a very bitter taste in the mouth, and if HMV do survive that won't be forgotten.
It's a great pity, as I actually want HMV to survive in some form, if only for the people that want to buy some of their media from a shop as opposed to online.
Hopefully, any new buyers will seek to rectify the damage done.
Indeed.
I can imagine that people are going in with a fistful of vouchers knowing HMV aren't taking them and having a pop at the staff for the sake of it (the ones who didn't make the rules and are only following them, at that).
The only thing I would want my ex to give me for Christmas is the GPS co-ordinates of her final resting place.
Do you honestly expect to get a decent pressie off your ex, good luck to you Mel!