There was a drop in like for like sales at HMV of over 12% for the annual period ending 28th April 2012. In 2011 HMV made a profit of £17.6 million, for the same annual period of 2012 the company made a loss of £16.2 million before tax.
Sales dropped approx 10%, which is a huge drop between last year and this year.
Payment of the businesses arrangement fees for their finance facilities have been deferred, to be paid over the 27 month term of their facility.
Within the last annum, HMV UK has closed 23 stores and opened one, drastically trimming their portfolio of stores.
This demonstrates how big high street names are suffering as well as SME’s. We, at Beer & Young are a leading firm helping SME’s. If you require any assistance, please don’t hesitate to contact us today.