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Hilco keen to keep open half of HMV stores - report

Tim Ingham
Hilco keen to keep open half of HMV stores - report

Restructuring firm Hilco wants to keep open half of HMV's 223 UK stores, and may be boosted by a new generous deal with entertainment suppliers.

According to The Daily Mail, record labels are considering allowing HMV to buy CDs and DVDs in instalments over an extended period.

Hilco is believed to have paid around £40million for £120million of HMV’s debt last week, as it effectively took control of the business from administrators Deloitte.

Meanwhile, the Telegraph reports that RBS and Lloyds, the leaders of HMV’s eight-bank syndicate, recieved bigger offers for the company than Hilco's, but turned them down.

The newspaper speculates that the banks rejected the offers as they feared their 'reputations would be damaged' by selling to an asset stripping organisation, rather than a restructuring specialist.

 

 

 

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Tags: HMV, Hilco

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