Bid to save HMV continues

16:37 27 January 2013

Efforts to salvage HMV will continue this week. File picture: Niall Carson/PA Wire

Efforts to salvage HMV will continue this week. File picture: Niall Carson/PA Wire

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 as soon as this week.

According to the Mail on Sunday, Hilco wants to rescue about half of the 223 stores in the UK as it looks to repeat the strategy that has seen it turn around HMV’s Canadian arm, which it bought in 2011.

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 over an extended period, today’s report said.

Hilco is thought to have paid around £40 million for £120 million of HMV’s debt in a move which gives it effective control of the business.

It is also in talks with the administrators of Jessops, the camera chain, in a move that has the potential for Jessops concessions to open in HMV stores.

Hilco UK, which owns the Denby pottery firm and is best known for its rescue of furnishings group Habitat, was founded out of a partnership between UK management and the US-based distressed retail and advisory firm Hilco Group.

HMV went into administration earlier this month, putting more than 4,120 jobs and 223 stores at risk.

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