HMV liquidation sale starts Thursday
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A giant HMV liquidation sale kicks off on Thursday in Wan Chai as the failed retailer’s liquidator tries to recover some cash to return to creditors.
Wong Sun-keung of Vision AS, who is overseeing HMV’s liquidation, had originally planned to sell several containers-full of stock recovered from shuttered stores by way of a tender. However he says the prices submitted by 10 bidders were so low, it was decided to proceed with an HMV liquidation sale instead, despite the high overheads of leasing space and hiring staff.
Vision AS says 50,000 DVDs will go on sale along with 20,000 music CDs, 24,000 Blu-ray discs and 9000 vinyl records. The remainder of the stock includes headphones, iPhone and tablets and other electronic goods.
The HMV liquidation sale will run from August 15 to August 29 at W Square in Wan Chai. Doors will open between 11am and 9pm.
Former employees of the company and creditors will have access to a restricted presale on Wednesday night.
It is expected that only cash will be accepted as payment.
Questions & Answers
Q.Why is the liquidation sale happening instead of a tender process?
Why is the liquidation sale happening instead of a tender process?
The liquidator originally planned a tender for the stock. However, the prices offered by the 10 bidders were considered too low, leading to the decision for a public sale despite the additional costs involved.
Q.What types of items are included in the liquidation sale?
What types of items are included in the liquidation sale?
The sale includes 50,000 DVDs, 20,000 music CDs, 24,000 Blu-ray discs, and 9,000 vinyl records. Also, headphones, iPhones, tablets, and other electronic goods will be available.
Q.Who will have early access to the liquidation sale?
Who will have early access to the liquidation sale?
Former employees of HMV and the company's creditors will be granted access to a restricted presale event. This special access will take place on Wednesday night before the public opening.
Q.What are the dates and times for the HMV liquidation sale?
What are the dates and times for the HMV liquidation sale?
The sale will run from August 15th to August 29th at W Square in Wan Chai. Doors will be open daily between 11am and 9pm for shoppers.
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