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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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21 January 2013
HMV To Honour Gift Vouchers
HMV will again accept gift vouchers from Tuesday, according to administrators. Deloitte, who took over operations of the store last Tuesday, had previously said that gift cards would not be redeemed in stores. The administrator said it was now able to honour the vouchers following assessment of HMV's financial position.
HMV To Honour Gift Vouchers
HMV will again accept gift vouchers from Tuesday, according to administrators. Deloitte, who took over operations of the store last Tuesday, had previously said that gift cards would not be redeemed in stores. The administrator said it was now able to honour the vouchers following assessment of HMV's financial position.
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