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Late last week, HMV asked its suppliers, which include music labels, game makers and film companies, for around £300m in additional financing to pay off its bank debt and fund an overhaul of the company’s business model.
But the proposal has been turned down, raising fears that the company will be forced into administration. A year ago, suppliers stepped in to support HMV, taking a 5 per cent equity stake in the company to secure its position as the leading.
The closure of HMV could strike a damaging blow to the UK retail market for video games, CDs and DVDs. According to Verdict, HMV’s share of the combined music and video market, defined as physical and downloaded products bought on and offline, was 22.2 per cent in 2012.