HMV extends massive sale to raise cash, stay afloat

His Master's Voice is singing a sad, sad song -- the dog-tricking disc-flogger is selling off a huge amount of stock on the cheap, reportedly to raise quick money for creditors. Extending its 'big sale' for at least another month means a whole basement of bargains, but is the retailer in real trouble? Go to HMV.com today and you'll see it plastered with 'big sale' banners, which have been up since Boxing Day. Retailers all cut prices on stuff they didn't flog before Christmas, but the sales usually end come the first week of the new year.

HMV this week announced another flog-off -- a Blue Cross Sale -- that starts this Saturday, seamlessly continuing its new year sale for another month with 25 per cent promised off "a wide range of titles and products" Apparently it's "not [its] standard January sale, but trying [a] new tack to generate cash to meet bank covenants", according to ITV News' Laura Kuenssberg. "Not good," she adds sagely.

"We thought we'd freshen our promotional mix up a bit and try something a bit different that will hopefully stand out from all the other sale offers on the high street right now," an HMV spokesman told me.

[Source: CNET - Click here to read the full story]