One of the high street’s most prominent retailers of DVDs and CDs has gone into bankruptcy after poor Christmas sales. The news, which followed years of difficulties, will put thousands of UK jobs at risk.
Don Load, a spokesperson for HMVC, stated that the failure was due to falling sales of DVDs and CDs, but also admitted that they couldn’t compete with the competitors.
The market for ‘credit default swaps’ (CDs) and ‘debt vehicle derivative securities’ (DVDs) has dwindled since the credit crunch began in 2007, with investors opting instead for more tangible investments, such as gold and digital video discs.
HMVC, which has banks across the UK, and employs some 5,000 people, yesterday asked the Treasury for a bailout to the tune of £666 billion, stating that they were ‘too big to fail’. The Prime Minister moved quickly to squash this request, saying;
“Credit default swaps and debt vehicle derivative securities were the cause of this global fiscal crisis, and therefore giving a company such as HMVC a bailout would be akin to rewarding failure.”
Mr Cameron stated that it was ‘healthy’ for banks such as HMVC to fail, allowing smaller, more competitive businesses to take up the slack. The PM did note however there was a problem with some banks ‘tax dodging’, and promised to ‘get down on it’ once he returned from his holiday in the Bahamas.