PCR Tech and IT retail, distribution and vendor news
HMV has confirmed it has signed trading agreements with the retailer’s principal suppliers, which will see the latest games, film and music releases continue to be sold within its stores.
The retailer was in danger of losing supplies of new products without the agreements, but the deal will see new products continue to be sold within HMV stores – something that will undoubtedly aid the brand’s fight against administration.
Commenting on the news, joint administrator for Deloitte, Nick Edwards, 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 on-going commitment to supporting HMV."
“Good progress has been made to date and we have received a positive level of interest in the business. 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.”
Whilst HMV will continue to receive the latest stock, there are growing concerns over the brand’s future, particularly surrounding its involvment in the games and technology markets.
Last week saw HMV lay off additional head office staff, with many of the casulties taking place in the brand’s buying teams , which saw the games department decimated with just two staff remaining.
As the brand fights to remain on the UK High Street, it is unclear how different HMV will be if it manages to emerge from administration.
