HMV administrators sign stock agreements with suppliers
Administrators for HMV have announced that trading agreements have been put in place with principal suppliers to enable the collapsed entertainment retailer to continue selling new film, music and gaming releases in its stores over the coming weeks.
Nick Edwards, joint administrator, said: “We are pleased that these agreements are now in place, allowing us to replenish stock and bring in new titles. The support of suppliers over the past few weeks has been significant and these agreements demonstrate their ongoing commitment to supporting HMV.”
Regarding ongoing discussions regarding the future of HMV, Edwards said that the administrators had received a “positive” level of interest in the business.
He added: “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.”
Never Miss a Retail Update!Administrators Deloitte were appointed to HMV on 15 January after the 92 year old business failed to revive its fortunes by switching its focus to selling specialist music and DVDS and technology products such as tablet computers, iPods and headphones.
