News - 13/12/2012

Suppliers support HMV with £40m of funding

Suppliers support HMV with £40m of funding

Music publishers and film studios surely wouldn't like to lose a big retailer chain like HMV - but sales, in September, went down almost 12%, so the scenario is not steady.
This is the reason why, according to industry sources, HMV is being helped in the run-up to Christmas by an estimated £40m injection of financial support from its key suppliers. This follows HMV’s deal, earlier in 2012, to “change the nature” of its relationship with its bigger suppliers (such as Universal and Disney): indeed HMV is now buying stock on consignment (paying only for products if they are sold) and suppliers have also taken a 2.5% stake in HMV after activating warrants that were issued over the shares.

The company, obviously, declined to comment and simply explained: "We would never disclose the nature of supplier relationships". Sure thing is that on Thursday, December 13 HMV is releasing its interim results and update on Christmas trading, so there will be more data to chew on.

 

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