Hampshire HMV staff hope for rescue deal

Hampshire HMV staff hope for rescue deal

Hampshire HMV staff hope for rescue deal

First published in Business

STAFF at Hampshire’s HMV branches were today hoping that a rescue deal by music labels and film studios would succeed.

Entertainment giants including Universal Music, Warner Music and Sony are planning to offer generous credit terms and cut the price of CDs and DVDs to help keep HMV’s presence on the high street, it has been reported.

It is thought that turnaround group Hilco – which already owns HMV Canada – is currently among the favourites to rescue HMV and is said to have been locked in talks with administrators Deloitte.

At stake are more than 4,120 jobs and 223 stores, including branches at Southampton, Winchester, Fareham, Basingstoke and Newport on the Isle of Wight.

But 760 staff at failed DVD and games rental firm Blockbuster heard administrator Deloitte announce over the weekend that it was closing 129 of its 528 stores in the coming weeks.

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