The Big Three music labels are in talks about offering HMV unique trading terms in an attempt to keep the high-street retailer in business. HMV went into administration last week, but it’s thought Universal, Warner and Sony want to help keep it afloat because it’s the only alternative to entering price-war territory with supermarkets and online stores.
The deal is set to include reduced CD and DVD prices and extended credit terms. A source says: “They don’t want their only choice to be Tesco or Amazon.” HMV staff staged sit-ins in several stores last week after discovering they wouldn’t be paid. The firm also refused to honour the value of bought-and-paid-for gift certificates. It’s believed over 50 businesses have expressed an interest in buying part or all of HMV.