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HMV: the last high street music store?
Other | Tuesday 24th January 2012 | Osh
One of the UK’s biggest media retailers HMV is struggling to survive due to plummeting sales and high levels of debt over the last two years. It almost failed a banking covenant test this year, but thanks to the financial support of their suppliers, HMV remains a household name. More people than ever are downloading, streaming or purchasing music and movies from the internet. HMV is managing to maintain its brand and keep its head above water, but the future promises further challenges. They recently described their situation in the market as “the last man standing”. It’s certainly precarious. The way we purchase media is changing rapidly, and entertainment stores such as HMV will have to find ways to adapt to the age of the internet or they’ll face extinction.
