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HMV in administration - update

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.

 Ends 

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