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05/04/2013
£50m Rescue Deal For HMV
HMV is to be saved in a £50m deal. Around 2,500 jobs and around 130 stores will be rescued under the new deal, however final details are still to be confirmed.
Hilco, the specialist restructuring firm, is expected to sign the agreement that will secure Britain's last remaining independent music retail chain.
The deal will involve HMV emerging from administration and being backed by a new compnay incorporated in the UK. In addition to the HMV stores being saved, Hilco will also acquire nine outlets which operate under the music brand Fopp.
Hilco has been the favourite to become the retailer's new owner shortly after Deloitte was appointed as administrator earlier this year.
Major music companies and film studios are understood to have agreed to new supply terms with HMV and have given their approval to the deal. HMV's landlords, facing the prospect of even more vacant shops, are also understood to be in agreement.
The chain is expected to be run by a combination of incumbent HMV and newly-appointed Hilco executives.
(JP/CD)
Hilco, the specialist restructuring firm, is expected to sign the agreement that will secure Britain's last remaining independent music retail chain.
The deal will involve HMV emerging from administration and being backed by a new compnay incorporated in the UK. In addition to the HMV stores being saved, Hilco will also acquire nine outlets which operate under the music brand Fopp.
Hilco has been the favourite to become the retailer's new owner shortly after Deloitte was appointed as administrator earlier this year.
Major music companies and film studios are understood to have agreed to new supply terms with HMV and have given their approval to the deal. HMV's landlords, facing the prospect of even more vacant shops, are also understood to be in agreement.
The chain is expected to be run by a combination of incumbent HMV and newly-appointed Hilco executives.
(JP/CD)
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Northern Ireland WeatherToday:A cloudy day with outbreaks of mainly light rain at times, although there may be the odd heavier burst. Driest in the south and east during the afternoon. Moderate southwesterly winds. Maximum temperature 11 °C.Tonight:Staying cloudy throughout the evening and overnight period with a little rain or drizzle at times. Mild overnight with light winds. Minimum temperature 7 °C.
