Buying physical copies of music and films is now a niche market and a market that has been taken up by online purchasing, HMV just didn't move quick enough.
Golden Discs would be an interesting case study as they weren't too far from going under, but they changed their products to some extent. They largely sell cheap dvd box sets (TV shows, but also "documentary" type), compilation cds (aimed at use in cars and/or parties) and more importantly for us; children's dvds and lots of them and very cheap. All much more gift and impulse buys, all easier to getin a store than online, but also all largely none are freely available as pirated copies. I'd be interested to see how they're doing.
But on the protest, I don't blame the staff and I think they had to. Not just to get a deal with the creditors, but to stop the ridiculous media focus on vouchers. People were owed 5 weeks pay, they had rent, bills and food to get with no money and the only thing the media/public was concerned about was someone who couldn't geta dvd with a €20 voucher.
It's simple, if you've a voucher you're a creditor, but way, way down on ladder of creditors. Your real anger should be with the relative/loved one who couldn't be bothered to think of an actual present for you and instead just bought you a voucher.