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UK: HMV agrees deal on new stock

15:54 15 February 2013

HMV Ipswich

HMV Ipswich

Archant

Music chain HMV will continue to sell the latest blockbusters and music releases after securing stock from most of its suppliers.

Administrators of the chain, which collapsed last month, said trading agreements had been put in place so stock could be replenished and it will be able to sell new hits, including the latest James Bond film Skyfall.

It comes after administrators announced 66 loss-making shops will close in the next two months, at the cost of nearly 1,000 jobs.

The group, which currently has 220 UK stores, called in administrators from Deloitte last month but hopes of a rescue deal have been raised after restructuring firm Hilco - the group behind HMV Canada - bought the company’s debt.

Administrator Nick Edwards said: “Discussions are progressing with a number of parties interested in both the business as a going concern and individual assets despite the high fixed cost base associated with a store network.

“Landlords have been generally flexible and supportive and we hope to continue working closely with them to restructure the business and seek to secure its future.”

HMV boss Trevor Moore became the latest casualty of another swathe of redundancies at the failed music chain last week.

He was one of 60 staff let go by Deloitte across HMV’s head office network at Eastcastle Street in London, Marlow and Solihull last Friday.

Mr Edwards added: “The support of suppliers over the past few weeks has been significant and these agreements demonstrate their ongoing commitment to supporting HMV.”

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