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HMV restructuring deal on brink of being struck

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By John Glenday, Reporter

March 25, 2013 | 1 min read

A restructuring deal which could salvage as many as 120 HMV stores from administration with insolvency specialists Hilco said to be on the brink of signing an agreement with record labels and film studios.

More than 100 HMV stores have shut their doors since January but administrators Deloitte are hopeful a deal can be struck today before next quarters rent must be signed off.

The entertainment industry id desperate to see HMV continue to trade in some form as it gives them a crucial High Street presence and rival to Amazon, Apple and the big supermarkets.

This could see some of the big studios such as Universal take a stake in the new firm, running around 120 stores.

Prior to administration HMV operated 223 UK stores but incurred losses of £37.3m in the six months to October 2012.

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