(The following press release from Deloitte was received by e-mail. It was
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Contact: Deloitte press office
020 7303 5054 / 07971 783533
15 February 2013
HMV Group plc, HMV Music Ltd, HMV UK Ltd, HMV (IP) Ltd and Fopp Entertainments
Ltd (together “HMV” or “the Companies”) – in administration - Update
The Joint Administrators of HMV today confirmed that trading agreements are now
in place with the majority of HMV’s principal suppliers, meaning that major
film, music and gaming releases will continue to be on sale in HMV stores over
the coming weeks, including the eagerly awaited release of Skyfall from Monday.
Nick Edwards, Joint Administrator, commented: “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 ongoing 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.”
Nick Edwards, Rob Harding and Neville Kahn were appointed Joint Administrators
to HMV on 15 January 2013.
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