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HMV subsidiaries still solvent

The administrators for HMV have revealed that certain parts of the HMV group remain outside the insolvency process.

According to ERT Online, HMV Guernsey, HMV Hong Kong, HMV Ireland, HMV Singapore, and the 7Digital Group remain solvent, offering some hope for the future of the business.

At this time, the closure of the HMV retail chain would cost the jobs of around 4,100 people across 233 stores.

The administrators – Nick Edwards, Rob Harding and Neville Kahn of Deloitte – say they are working with staff to “stabilise the business in order to continue trading while actively seeking a purchaser for the business and its assets.”

There are reported to be a number of potential buyers showing interest the chain.

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