Equity firm buys HMV's debt

A Canadian private equity firm has bought the debt of struggling music retailer HMV.

Live updates

Advertisement

Labour MP: 'Vital retailers adapt to changed times'

Undoubtedly the economy flatlining under the Tory-led Government’s failed economic plan has contributed to the troubles of the retail sector.

But UK retail is in the vanguard of multi-channel shopping with the third largest market for internet shopping which means it is vital our retailers adapt to changed times.

To ensure the continued success of retail, ministers must work in partnership with business to implement a sector specific industrial strategy to grow retail by optimising our digital infrastructure, boosting skills, incentivising innovation, supporting our High Streets and ensuring a level playing field on taxation.

– Shadow Business Secretary Chuka Umunna MP

Who can benefit from HMV's collapse?

HMV has become the latest casualty on the UK high street – the question now on everyone’s mind is who can benefit the most out of HMV’s collapse.

Amazon is a candidate – the cash rich online retail giant may be attracted to HMV’s assets such as stores, brand reputation and international operations.

It would be a cheap strategic fit for Amazon but HMV’s high net debt of around £175million is enough to put any buyer off.

– Joe Rundle, Head of Trading at ETX Capital

Advertisement

Labour MP remembers buying vinyl from HMV

Shadow Business Secretary Chuka Umunna tweeted to say he used to buy his vinyl records from HMV:

HMV has stopped issuing or accepting gift cards

Music chain HMV has stopped issuing or accepting gift cards after it was announced that Deloitte had been appointed as administrator.

HMV's 238 outlets will remain open while Deloitte attempts to find a buyer for some or all of the business, although it is likely that there will be widespread store closures as a result of the collapse.

Load more updates Back to top

Latest ITV News reports