HMV shares drop on trade credit insurance concerns
HMV Group’s share price plummeted in early trading today, following reports that some of its suppliers have had their levels of trade credit insurance reduced.
Earlier this month, the retailer reported that a challenging market, combined with the severe weather conditions, had impacted on trading to the extent that “aggressive action” was needed.
The company, which owns bookseller, Waterstones, also announced that it expects to exit around 60 stores across its UK businesses over the next 12 months and warned that compliance with the April covenant test of its bank facility will be “tight”.
Category: Business Insurance News, Insurance News
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