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HMV Twitter by
published Thursday, Jan 31st

HMV Twitter Account Tweets About Mass Firings

Since going into administration earlier this month, HMV has been very quiet on the social media front, up until Thursday, January 31st, 2013.

Tweets made from the HMV Twitter account by what appears to be an employee losing their job, used the hashtag “#hmvXFactorFiring” to describe how “over 60” employees “who love the brand” were being fired.

However, the tweets were quickly deleted shortly after they were posted.

published Tuesday, Jan 22nd

HMV Taken Over By Restructuring Specialists

Hlico, a restructuring specialist that already owns HMV Canada, has taken effective control of the British branch of the troubled entertainment retailer, which went into administration on 15th January.

BBC News reports that Hilco has brought HMV’s debt from its lenders, Lloyds and RBS. Although the debt was believed to be in the region of £176m, it is thought that Hilco have paid much less due to the retailers current situation.

HMV Nipper Logo by
published Monday, Jan 14th

HMV To Call In The Administrators

Update: HMV have now confirmed earlier speculation that it is to appoint Deloitte as an administrator. The company is to suspend the trading of its shares on the London Stock Exchange.

HMV explained that it is the intention of the administrators “to continue to trade whilst they seek a purchaser for the business”.

published Tuesday, Jan 24th

Banks Agree To Support Troubled HMV

The news of HMVs troubles have been on the grapevine for sometime, with the HMV Group forced to sell Waterstone’s and their Canadian businesses within the last 12 months. However the firms troubles have become more evident following reports that the British-based retailer is to receive support from banks.

HMVs help comes in the form of an amended covenant package on its borrowings from the joint investors, the banks have also waived covenant test and will be re-tested when the retail group has more room for manoeuvre. For those who don’t work in finance, this means the banks have waived a series of tests on HMVs loans that will allow the group to continuing paying its debts.