HMV to be saved from closing down by Hilco consortium
A rescue deal has been put into place to rescue HMV from closing down by the Hilco consortium.
A week after HMV fell into administration, a rescue deal by a consortium led by Hilco supported by Universal Music, Warner Music, Sony Pictures and 20th Century Fox, among others, has been initiated to save the music store from closing down.
Universal Music, Warner Music, Sony Pictures and 20th Century Fox have agreed to slash the prices of their CDs and DVDs as well as offer the retailer more favourable credit terms to avoid closure.
Courtesy of Jack Spurrell – The Financial Pages