Turnaround in fortunes sees HMV poised for expansion

6 October 2015 - Janet Bird

Turnaround in fortunes sees HMV poised for expansion

Two years after falling into administration, HMV's fortunes are once again on the up.

The chain has opened 14 stores already this year, with three more planned before Christmas. With e-commerce sales booming, it has now overtaken Amazon as Britain's biggest music seller.

It is all a far cry from the dark days two years ago when HMV was crippled by debt and forced to close 223 stores and shed 4,000 jobs before being rescued by retail turnaround experts Hilco.

Now, riding high on a vinyl revival which has seen the chain's sales of records increase 80 percent this year, having already soared 200 percent during the previous twelve months, HMV is poised to expand overseas.

It is expected its first store in the Middle East will open in Dubai next summer and discussions are also underway about taking HMV's website to ten other countries.

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