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.

Sign up for our news alerts today!

Our editors' picks for the day's top news delivered to your inbox or phone.

Sign up for email alerts Sign up for mobile alerts
1
2 3 4 5 6
7

Latest business news

Monday, July 27, 2015
Boddington

A leading tech boss has called for more action to get girls interested in STEM (science, technology, engineering and maths) subjects at school and for Tech City to become more multicultural.

Tuesday, July 21, 2015
Co-founders Dan Bowyer and Duncan Cheatle  disrupting traditional recruitment

Described as an ‘eHarmony’ for jobs, a new company that aims to match young people up to potential employers is making waves in the recruitment industry.

Sunday, July 19, 2015
Anil Stocker of Market Invoice

A leading peer to peer (P2P) lender has predicted that the industry will account for a third of all business borrowing in the next five years.

Wednesday, July 15, 2015
Lidl plan to build their 220,000 sq ft head office in Tolworth, south-west London  (Photo by Jeff J Mitchell/Getty Images)

Lidl are to move their UK headquarters to Tolworth in south west London following a £10m deal with Kingston Council.

Friday, July 10, 2015
Clare McCaffrey joins c2c rail at Fenchurch Street

Clare McCaffrey is making a bold promise to give rail passengers refunds if their trains are even just two minutes late.

Monday, June 15, 2015
Proposed tower at 22 Bishopsgate and [insert] view from The Momnument looking north [image: Hayes Davidson]

Designs for the proposed tower at 22 Bishopsgate have gone on show for the first time today in a public exhibition before the modified post-recession scheme is submitted for City of London Corporation approval later this summer.

Competitions

You could be zooming around a track of your choice!

Are you a competitive adrenaline junkie with a need for speed? Or looking for a fun family day out?

Read more
Get your hands on some fresh trainers!

Need some new shoes to head to work or some new heels for a night on the cobbles? London24 has teamed up with online retailer Sole Trader to offer £100 worth of shoes to one lucky reader.

Read more
Take in the stunning sites of London from the summit of the O2!

Up at The O2 has teamed up with London24 to give one lucky reader the chance to experience urban mountaineering this summer with an exhilarating 90-minute climb across the roof of one of London’s most iconic landmarks.

Read more

London Bloggers

Monday, April 13, 2015
Vintage fashion shopping is a joy in London (Photo by Graham French/BIPs/Getty Images)

In with the old, out with the new. This is the mantra of the best London vintage shoppers today, whose aesthetic of effortless chic is becoming more sought after.

Wednesday, April 8, 2015
Eating the right foods can significantly improve your mood

Think sweet treats make you feel better? ‘Comfort foods’ could be adding to your misery.