HMV

Troubled UK retailer HMV's banking syndicate has given the group more time to reverse its decline. The rescue package will see the syndicate waive HMV's January covenant test on the retailer's borrowings and agree to re-test the group with more 'headroom'. HMV believes that if current trading conditions can be maintained, it will be able to shrink its debts by 50 per cent over the next three years. The group aims to reduce the debt to between £175-180 million by the end of its financial year, reporting a loss of £10 million for the full year. In a statement, HMV also revealed that it had renegotiated with film and music suppliers, offering a share of 2.5 per cent of its equity to the various companies. More >

Several UK retailers have said they would be prepared to share revenue from sales of second-hand games with publishers. Speaking to MCV, a number of stores said they would be prepared to pass on a cut of their lucrative pre-owned business if publishers were to cut them some slack in return, either by reducing trade prices or doing away with online passes. More >

Troubled retailer HMV reported more bad news today after revealing that sales over Christmas fell by over 16 per cent. Sales at retail in the five weeks to December 31 fell 16.9 per cent, with revenue across the group as a whole falling 16.6 per cent despite a 13 per cent increase in revenue from its HMV Live ticketing business. More >

Retailer HMV has admitted that ongoing market turmoil and its continued poor performance could force it out of business after another miserable set of financial results saw its losses grow 62 per cent. Sales in the 26 weeks to October 29 fell 17.6 per cent to £364.9 million, with the firm hit with a loss after tax of £50.1 million, up from £30.9 million this time last year. More >

The retailer announced a huge loss of £121.7 million in June, and despite offloading HMV Canada and bookshop chain Waterstone's its misery continues. Sales in the eighteen weeks to September 3 fell 21.8 per cent, but an increased focus on technology in selected stores saw their sales more than double. As such it is to roll out its new shop-floor strategy to the majority of its 150 stores before the end of the month.

The retailer has had a tough 2011, reporting losses of £121.7 million in June, and needs a strong performance in the fourth quarter of the year if it is to survive. "Frankly, games folk need to support us in the way film and music have," CEO Simon Fox told MCV. "Those industries have been really supportive. We want to work closely with game suppliers and make it a highly successful season for everybody. We've been through a tough time and now it is about resetting our agenda and starting the process of rebuilding confidence."

The retailer’s latest financial results show losses of £121.7 million, in stark contrast to the £49.2 million profit it posted this time last year. HMV is now in debt to the tune of £170.7 million, with an “underperforming” videogame market a key factor in its dismal performance. However, the retailer remains optimistic after the sale of bookshop chain Waterstone’s and HMV Canada, which were both loss-making, and is to focus its attention on growing markets including ticket sales and digital downloads

The UK retailer has devised an innovative use for the 3DS's social application: take your system into a participating branch - see the source link for the full list - collect an HMV store Mii, show it to staff and get 10 per cent off the purchase of a 3DS game.