HMV: buyer Hilco may close up to half of UK stores

HMV may have been bailed-out by buyer Hilco, but fresh reports surfacing this morning suggest the latter may close up to half of the chain's 223 UK stores.

The Daily Mail reports that Hilco is speaking with suppliers to offer them stock deals following the chain;s financial woe, and adds, "Hilco wants to rescue about half of the 223 stores in the UK as it looks to repeat the strategy that has seen it turn around HMV’s Canadian arm, which it bought in 2011."

The report adds that Hilco is rumoured to have paid £40m towards HMV's £120m debt, earning it control of the chain, and has moved to negotiate supply deals with several big name suppliers such as Sony, which would see HMV paying for stock incrementally, rather than in one lump sum.

Meanwhile The Telegraph reports that Hilco was the highest bidder on HMV's debt by a long way.

Thanks MCV.