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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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HMV Appoints Administrator
Over 4000 retail jobs are at risk after HMV announced it has gone into administration. Deloitte will keep the music and DVD chains 239 stores in the UK and the Republic of Ireland open while it assesses the prospects for the business and seeks potential buyers. Trading in HMV shares on the London Stock Exchange has been suspended.
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Northern Ireland WeatherThis Evening and Tonight:It will be cloudy with a spell of heavy rain pushing south through late evening and the early hours, soon followed by some clear spells. Minimum temperature 6 °C.
