Retail closure not death blow, says HMV

Business | Jeannie Tang 21 Dec 2018

HMV Digital China Group (8078) reaffirmed the winding-up of HMV Retail is limited to Hong Kong and it only shared a small proportion of the total assets of the group.

HMV Retail Hong Kong represented a little more than 5 percent of the group's total assets for the year ended June 30, 2018, while it reported a 41 percent decline in revenues to HK$31.6 million over the same period last year.

Besides, the group clarified that it was business as usual for the operations of the group in general.

The winding-up of HMV Retail will not affect its principal business, such as artist management, distribution and productions of films, television programs and music production, money lending and operation of cinemas.

The company will focus on the network streaming media and entertainment business in Greater China in the future.

It will also keep identifying potential opportunities on expanding retail business in other regions, in particular, China.

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