Music Retailer HMV is Filing for Bankruptcy

Spinner is reporting that the U.K.-based music retailer HMV — which stands for His Master’s Voice (who knew?) — has officially “gone into administration,” the British equivalent of filing for bankruptcy. A report cited “diminishing sales and a poor period during the holiday season” as the reasons behind the filing.

Frankly I’m startled that it’s taken this long; the chain closed its U.S. stores years ago, following in the footsteps of Sam Goody, Coconuts and countless other businesses who derived their income solely from the sale of music sold on a physical item. Not that I wish any ill will upon HMV or its 4,500 employees in the U.K. It’s just that… seriously, if you’re a music retail chain in 2013 and you’re not making changes in your business model, what the fuck are you doing?? Independent record stores have made an adjustment of their own, namely catering towards the vinyl and collectibles markets. But if you’re the top brass at HMV, did you think that the CD was suddenly going to come back from the dead in the face of steadfastly insisting on charging $18.99 for a CD? What have you been doing for the past 10 years?? Maybe they were simply content to just sink with the ship.

I’m baffled as to why Sam Goody, HMV and others never made a play into the digital music world, and why FYE, one of the few remaining retail chains in the U.S., still hasn’t done so. They’re living on borrowed time. Adapt or die, or become the next Blockbuster Video.