HMV may have found 11th hour saviour

HMV

Beleaguered high street music retailer HMV could be saved from closure by e-ecommerce company BuyVia.

The music brand is now in talks with BuyVia, following an announcement on the 28 December that it been placed into administration for the second time in six years.

The online discount company is now drafting plans to save the struggling retailer, and has issued the following statement: ‘With HMV having filed for bankruptcy for the second time on December 28, we at BuyVia are well positioned to help the legendary retailer realign, recover, and become more competitive.’

Although the BPI reported yesterday (Thursday) that music consumption in the UK had risen by 5.7 percent, and vinyl sales grew for the 11th consecutive year, overall physical sales continue to decline.

High street stores like HMV must contend with the fact that streaming now accounts for nearly two thirds (63.6 percent) of all UK domestic music consumption.

Despite the difficulties facing high street music retailers selling physical products HMV achieved 31 percent of all physical music sales in 2018.

BuyVia representative Amy Jordan added: ‘While the company has undeniably struggled in recent years, we here at Buyvia feel that plenty of progress can easily be achieved. We are now engaged in talks concerning how some of HMV’s most significant retail presences could be saved from closing up shop forever.’

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