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Suppliers pledge 40m to support HMV

Suppliers pledge 40m to support HMV

Wed 12 Dec 2012 2:09pm GMT / 9:09am EST / 6:09am PST

Entertainment retailer backed for Christmas period

Struggling entertainment retailer HMV will trade through the Christmas period backed by 40 million pledged by suppliers.

That's according to a report by The Telegraph citing industry sources, noting that HMV has a market value of just 14 million.

Specifically the report suggests HMV has "secured greater access to music and film suppliers' back catalogues" and will own pay for products it sells. Those same suppliers have taken a 2.5 per cent take in HMV.

The retailer is due to reveal interim results and a Christmas trading update on Thursday, December 13.

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