Things are looking up for Chichester’s HMV store

C130089-1 Chi HMV  phot kate
C130089-1 Chi HMV phot kate

IT’S good news for Chichester’s HMV store as the administrators of the music giant report ‘good progress’ in saving the firm.

Administrators Deloitte confirmed yesterday (February 15), that trading agreements are now in place with the majority of HMV’s principal suppliers, placing Chichester’s East Street store further from the possibility closure.

This means major film, music and gaming releases will continue to be on sale in HMV stores over the coming weeks, including the release of Skyfall from Monday.

Nick Edwards, joint administrator, said: “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.

They announced 66 stores would be axed on February 7, but the Chichester branch was safe from closure.