Hilco tables HMV bid as clock ticks on chain's survival

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Time is running out to save UK entertainment retailer HMV.

The Sun reports that sources close to the troubled chain say a deal must be struck by the end of the month, at which time HMV will face a huge quarterly rent bill.

Now HMV Canada owner Hilco, which acquired HMV UK's debt in January, is at last making a move to acquire what remains on the brand.

It is understood to have tabled a 50m deal that would see it assume control of 130 stores and save thousands of jobs. It is believed to be the second offer that has been made for the company.

However, it could be the landlords who ultimately decide HMV's fate, with one source telling the paper: Hilco is now vying with one other bidder and the suppliers are on side. But it's all down to the landlords — and about a quarter of them are refusing to budge.”