New hope for HMV | IR News

New hope for HMV

Posted Date: 04/03/2013

By Inside Retail

Collapsed British music chain, HMV, is currently in talks with restructuring specialists, Hilco, which may see the business saved from administration.

Hilco, who already runs HMV in Canada, has reportedly offered around £50 million for the chain's 130 stores in the UK.

According The Sun, the deal is expected to be confirmed within the next three weeks.

“Hilco is now vying with one other bidder and the suppliers are on side. But it’s all down to the landlords — and about a quarter of them are refusing to budge," a source told the British newspaper.

Last week, UK supermarket group, Morrisons, confirmed its acquisition of six former HMV stores with plans to convert them into Morrisons' new convenience store offering, M Local stores.

Keywords: HMV, Hilco, Morrisons

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