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Chase Bank Limits Cash Withdrawals, Bans International... Before you read this report, remember to sign up to http://pennystockpaycheck.com for 100% free stock alerts Chase Bank has moved to limit cash withdrawals while banning business customers from sending...

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Richemont chairman Johann Rupert to take 'grey gap... Billionaire 62-year-old to take 12 months off from Cartier and Montblanc luxury goods groupRichemont's chairman and founder Johann Rupert is to take a year off from September, leaving management of the...

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Cambodia: aftermath of fatal shoe factory collapse... Workers clear rubble following the collapse of a shoe factory in Kampong Speu, Cambodia, on Thursday

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Spate of recent shock departures by 50-something CEOs While the rising financial rewards of running a modern multinational have been well publicised, executive recruiters say the pressures of the job have also been ratcheted upOn approaching his 60th birthday...

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UK Uncut loses legal challenge over Goldman Sachs tax... While judge agreed the deal was 'not a glorious episode in the history of the Revenue', he ruled it was not unlawfulCampaign group UK Uncut Legal Action has lost its high court challenge over the legality...

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VIDEO: HMV: Where did it all go wrong?

Category : Business

Restructuring specialist Hilco has clinched a deal to rescue music and DVD retailer HMV, but where did it all go wrong for the once-dominant music retailer?

Continue reading here: VIDEO: HMV: Where did it all go wrong?

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HMV administrators sell Asia shops

Category : Business, World News

The administrators of HMV sell its six shops in Hong Kong and two in Singapore to private equity firm Aid Partners.

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HMV signs agreements for new stock

Category : Business, World News

HMV signs trading agreements with the majority of its suppliers, ensuring that new stock will continue to be on sale in stores, its administrator says.

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HMV chief executive made redundant

Category : Business

HMV chief executive Trevor Moore is among 60 people made redundant by administrators in charge of restructuring the High Street music retailer.

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HMV announces 66 store closures

Category : World News

The administrators of HMV announce that 66 of the music and DVD retailer’s stores will close over the next two months, affecting 930 staff.

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HMV announces 190 redundancies

Category : Business, World News

Administrators for music and DVD retailer HMV announce 190 job losses, but say all outlets remain open.

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HMV sites attract interest from supermarkets

Category : Business

Morrisons is thought to be interested in 20 stores as HMV looks to sell off up to half its 230 sites

Supermarkets are looking at snapping up HMV outlets to boost their convenience store chains.

Morrisons is thought to be interested in up to 20 sites to boost its M Local chain as administrators for HMV look at selling off as many as half of the company’s 230 stores.

Hilco, the restructuring company, is the frontrunner to buy up HMV from administrators. It acquired the entertainment chain’s £120m of debt for £40m, giving it effective control of the company as it is able to block any rival bids. But Hilco is only expected to want about half of HMV’s stores and so the property consultants CBRE and Savills have been brought in to help offload potentially unwanted sites. They are expected to examine offers for the stores in 10 days’ time.

Morrisons has 12 convenience stores at the moment and wants to open at least 50 more this year as it races to catch up with rivals. It is also rumoured to be looking at Blockbuster stores after the retailer went into administration last week. Morrisons admitted that a lack of smaller stores contributed to its poor Christmas performance compared with rivals.

Tesco and Sainsbury’s, which already have significant convenience-store chains, are also thought to be looking at HMV sites. Neither chain would comment on its plans.

All the supermarkets want more small neighbourhood grocery stores because small stores are seeing sales rise rapidly during the economic downturn. Sales rose 4.6% in convenience stores last year as shoppers avoided large out-of-town hypermarkets where they might be tempted to splurge on non-essentials. The total food market grew at 3.2% last year, according to the market analysts Conlumino.

Asda is thought less likely to take on any HMV sites as it does not operate in stores under 750 sq metres (8,000 sq ft).

Neil Saunders at Conlumino said: “There is a big push for good convenience store space and there is probably more demand than supply. HMV has some quite prime sites on high streets, but not all its sites will be suitable.”

HMV fell into administration last week, putting 4,000 jobs at risk. As many as 50 parties have expressed an interest in buying all or part of the business with Hilco, which runs HMV in Canada, leading the field. It is thought to have the support of music labels including Universal Music, Warner Music and Sony for a takeover.

Other retailers thought to be interested in HMV stores include New Look, JD Sports and J Crew, the US retailer which has been looking for a London flagship. Game Retail, which was bought out of administration last year by Comet’s former owners, OpCapita, is interested in buying 45 stores.

Hilco takes control of HMV chain

Category : World News

Restructuring specialist Hilco takes effective control of music and DVD retailer HMV, after buying the troubled company’s debt.

Original post: Hilco takes control of HMV chain

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Gift voucher law must be changed | Nils Pratley

Category : Business

Protecting consumers ought to be the priority and it is hard to believe HMV’s fate would have been different had it been obliged to tell Christmas shoppers it couldn’t sell them vouchers

Administrator Deloitte has studied HMV’s business and, thankfully, decided that gift vouchers can be honoured after all. The saga, though, feels unsatisfactory. It is clearly deeply unfair that consumers, who cannot be expected to monitor the financial health of high street names, are put in the position of unsecured creditors when administration happens.

It is also a nonsense that HMV, which warned before Christmas of “material uncertainties facing the business” and a probable breach of banking covenants, could be free to continue selling vouchers.

The law should be changed to stop the latter abuse in future. The only serious objection is that vulnerable retailers might hasten their demise by advertising their frailties and, potentially, losing custom.

Yes, that’s a risk but protecting the consumer ought to be the priority. In HMV’s case, the outstanding vouchers are worth £6m-£7m. It is hard to believe the fate of the company would have been any different if it had been obliged to tell Christmas shoppers: sorry, it couldn’t sell them a voucher at that time.

Gift cards to be accepted at HMV

Category : Business

HMV gift vouchers will be accepted in stores from Tuesday, the company’s administrators Deloitte say.

See the article here: Gift cards to be accepted at HMV

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