The race is on to revive the high street retailer as HMV seeks a rescue deal from a number of interested parties.
Chief executive Trevor Moore has said that he is “convinced” that the high street retailer’s future can be secured. A report on MSN Money suggests that HMV has around 50 potential suitors, with Hilco (which already owns HMV Canada) considered among the favourites to rescue the entertainment retailer. It is believed to have been in talks with HMV’s administrator Deloitte’s on Friday. Other likely contenders include private equity firms Endless and Better Capital.
223 stores and 4,120 jobs are at stake, with GAME already having registered its interest in acquiring up to 45 retail sites where it is looking to increase its presence. The MSN Money report also states that the likes of Universal, Warner and Sony are planning to offer HMV’s suitors generous credit terms and cut price CDs and DVDs to help keep HMV on the high street.