Music firms keen to see HMV survive
Attempts to salvage music chain HMV will continue this week as attention turns to the prospect of a new stock deal with suppliers.
Restructuring firm Hilco, which recently bought the company’s debt, is reportedly set to open negotiations with global entertainment firms and the chain’s landlords this week.
According to reports at the weekend, Hilco wants to rescue about half of the 223 stores in the UK by repeating the strategy that has seen it turn around HMV’s Canadian arm.
Music firms such as Universal, Warner and Sony are keen to see HMV survive as it provides an alternative to online retailers and digital download sites.
They are understood to be considering an extended credit deal that would allow HMV to buy CDs and DVDs in instalments.
Hilco is thought to have paid around £40 million for £120 million of HMV’s debt.
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