MCV/DEVELOP News, events, research and jobs from the games industry
Two firms are reported to be in discussions to rescue bankrupt rental firm Blockbuster UK. The prime candidate is reportedly GA Europe, the restructuring firm that administrators PwC brought in to handle the recent closure of Jessops. "GA bosses are understood to believe they can successfully run a rump Blockbuster …
Read More »Hilco acquires HMV debt
The future of HMV on the UK High Street appears to have been saved. HMV Canada owner Hilco has acquired the chain’s debts, giving it control of the company. The Financial Times reports that the move to take control of the money owed to Lloyds and Royal Bank of Scotland …
Read More »UPDATE: Deloitte backtracks on HMV gift card block
Retailer HMV will once again begin honouring gift cards as of tomorrow (January 22nd). The move is a victory for consumer rights and public opinion. The decision to block gift cards and stop honouring store credit was confirmed the morning after the chain’s collapse into administration. However, high-profile cases such …
Read More »Suppliers ready to make HMV U-turn and back new-look chain
Having turned their back on HMV in the week leading up to its administration, suppliers have reportedly had a change of heart. MSN reports that companies including Sony, Universal Music and Warner Music are planning to offer HMV suitors generous credit terms and cut the price of CDs and DVDs …
Read More »GAME looking to acquire HMV stores after stronger than expected Xmas
OpCapita owned retailer GAME has approached administrators Deloitte about the possible acquisition of some HMV stores. Game Retail chief executive Martyn Gibbs confirmed the move, though refused to give any numbers. It seems, however, that between 40-45 locations are being targeted in towns where GAME does not currently have a …
Read More »Blockbuster WILL honour gift cards and credit during administration
Retailer Blockbuster has announced that it will continue to honour gift cards and store credit despite slipping into administration this afternoon. This means gamers who have amassed credit at the store following its increased focus on trade-ins over recent months are not yet being left out of pocket. It will …
Read More »Deloitte focused on "generating as much value as possible" for Blockbuster creditors
In the same week as the UK High Street saw HMV slip into administration, fellow long-term chain Blockbuster has now followed its lead. But whereas HMV bosses remain convinced that they can turn the situation around and save the brand, Blockbuster’s days already seem numbered. In recent years Blockbuster has …
Read More »Blockbuster to appoint administrators
UK entertainment retail is facing another huge blow, with reports that Blockbuster is to enter administration. MCV sources have informed us that management had already been planning to shut in the region of 150 UK stores over the next six months. The retailer is understood to be sitting on significant …
Read More »Angry granddad takes games from HMV store after his vouchers were refused
An enraged grandfather yesterday stormed out of a Dublin HMV store with three games in hand after staff refused to accept his voucher. The Irish Independent reports that Eric Nolan purchased a €40 HMV voucher for his grandson for Christmas and was attempting to spend it on three games. However, …
Read More »Deloitte warns of tough market as it is officially appointed HMV administrator
HMV boss Trevor Moore may have delivered an upbeat message to journalists yesterday, but administrator Deloitte has warned that it’s a tough market for entertainment retailers at the moment. The retailer is burdened by around 200m of debt and still seems to be appealing to the goodwill of suppliers in …
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