July 17, 2013 21:29

Former HMV worker opens music store called HVM

Tony Cregan has set up the replacement record shop in Derry

Former HMV worker opens music store called HVM

Photo: PA

A former HMV worker has opened a music store in Derry called HVM.

Entertainment.ie reports that Tony Cregan has opened up the replacement shop after his branch of HMV closed down earlier this year. Cregan, who ran the Derry HMV, opened the new store after he got 15,000 signatures on a petition in order to save the original branch of the high street music store and saw a gap in the market. Of the store name, he commented: "We thought what is the point calling the new show Local CDs, or whatever, we'll just call it HVM. HMV is gone."

However, Cregan was contacted by Hilco, the restructuring company who bought out HMV, who asked him to change the name. A letter from Hilco stated that the "continued presence in the market of your business operating under the name HVM has caused and will continue to cause substantial damage to our client's reputation and goodwill". Cregan responded by turning the store's sign upside down. Cregan said: "People are saying the vibe here is great, it's really friendly. I'd love to say that was our intention all along and we're really smart, but that wasn't the plan at all."

Meanwhile, HMV is reportedly looking to return to its former Oxford Street flagship store in London. The retailer which went into administration earlier this year, is in negotiation to move back into the 20,000 square foot store at 363 Oxford Street. The site is currently occupied by the US chain Footlocker. According to the Evening Standard, HMV has exchanged contracts on the shop's lease, subject to landlord approval.

A relaunch of the retailer, which went into administration in January saddled with £176 million debt, is expected later this year. While no exact details have been confirmed, it is expected that a new HMV website will focus on a music and film streaming service similar to The Vault, the digital streaming platform offered by its sister company in Canada. Previously, HMV UK lost money selling CDs and DVDs from its website because of distribution and postage costs.

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