HMV buyout nears as shops remove ‘closing down’ signs

Having seen fellow struggler Blockbuster rescued over the weekend, hopes are high that HMV will have similar good news very soon.

A number of HMV stores – including Stockport, Manchester Market Street and Argyle Street according to tweets at the weekend – have been instructed to remove their ‘closing down sale’ signs from store windows.

All seem in the dark regarding behind-the-scenes talks, but all are also openly optimistic that the move signals the start of some good news for the chain.

Music Week reports that a deal with HMV’s debt owner Hilco could be resolved within ten days provided it receives approval from suppliers and landlords.

Hilco is thought to be interested in around 120 stores, with the possibility of re-opening some closed outlets.

However, with a deal seemingly out of the question in the short term today could prove a perilous 24 hours for the retailer, with big rent payments due before the banks close.