HMV has until the end of this month to get some funds together or go under completely. Fortunately it looks like Hilco, the company that bought up HMV’s debt back in January, is not putting up the cash to take the beleaguered firm off the chopping block.
£50 million is the figure being touted by those reporting on it, with that cashpile said to cover not only HMV’s upcoming rental payments for the quarter, but also acquire control of the 130 stores still in operation. That could lead to the saving of a couple thousand jobs – which will give many the first opportunity in months to breathe a sigh of relief.
However it’s not all in the clear yet, as apparently there’s another bidder out there which may not be as keen to save everything. One source said that: “Hilco is now vying with one other bidder and the suppliers are on side. But it’s all down to the landlords — and about a quarter of them are refusing to budge.”
KitGuru Says: I hope for the sake of the jobs that Hilco is able to save this one. Not that I’ve been in an HMV and bought anything in more than 3 years. What about you guys? Do you shop retail anymore?