HMV is a 92-year-old music retailer which in January 2013 sought protection from creditors, after seeing its core businesses selling compact discs and digital video disks eroded by online competitors like Apple’s iTunes and Amazon.com. Known worldwide for its ‘Nipper the dog’ trademark, its first store on London's Oxford Street was opened by English composer Edward Elgar in 1921.
The most popular items on sale are the 9,000 vinyl records among the 100,000 articles that includes CDs, DVDs and toys at discounts ranging from 50 to 90 per cent
Sale to include 50,000 DVDs, 24,000 Blu-ray discs, 20,000 music CDs and 9,000 vinyl records among other items.
Creditors decide to sell to the highest bidder instead of holding a liquidation sale because the cost of renting a venue would eat into the profits
The potential sale would see 100,000 CDs, DVDs, Blu-rays and records offered at heavily discounted prices.
Sunrise Records, a Canadian record stores chain, has agreed to buy most of HMV Group in the United Kingdom in an auction overseen by the embattled music retailer’s administrators.
Shiu said there may be a one-to-three day liquidation sale of the vendor’s remaining stock of CDs and DVDs at discount prices
HMV said last month it was closing its seven Hong Kong shops after years of falling demand for CDs and DVDs
Decision to close physical stores comes after HMV Retail’s insolvency and default on various payments.
Music retailer is being pursued for rents owed at its flagship store in Causeway Bay and its concept store in Central. It follows an eviction notice for unpaid rents at the company’s Telford Plaza store in Kowloon Bay.
Landlord MTR Corporation is taking legal action and seeking repayment by Wednesday.