HMV Signs New Supply Agreements with Key Suppliers

UK retailer HMV has managed to secure key new music, video games, and movie releases, after reaching an agreement with key suppliers this week. Earlier in the week it was announced that HMV closed 66 retail stores, which employed an estimated 930 workers.

"We are pleased that these agreements are now in place, allowing us to replenish stock and bring in new titles," joint administrator Nick Edwards stated. "The support of suppliers over the past few weeks has been significant and these agreements demonstrate their ongoing commitment to supporting HMV."

Administrator Deloitte also thinks that a buyer will be found for what is left of HMV in the UK.

"Good progress has been made to date and we have received a positive level of interest in the business," Edwards 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."

Regardless of a sale or not, for now HMV will continue to be able to sell products and generate revenue while it waits for that perfect suitor…

Source: MCV


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