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Tuesday, January 22, 2013

Hilco tightens grip on HMV with debt purchase, (NASDAQ: AMZN)

British entertainment retailer HMV's debt has been bought by Hilco, giving the restructuring specialist a big say in the fate of the 92-year-old group which sought protection from creditors last week."Hilco UK confirms that it has acquired HMV's debt from the group's lenders. It has not bought the business itself," Hilco said on its website on Tuesday."Hilco believes there to be a viable underlying HMV business and will now be working closely with Deloitte who, as administrators, are reviewing the business to determine future options."HMV's business of selling CDs, DVDs and video games has struggled in declining markets and amid increasing competition from supermarkets and online retailers such as Amazon.Com Inc ., Inc. ( serves consumers through its retail Websites and focuses on selection, price, and convenience. Shares of AMZN fell by 0.68% or $-1.86/share to $270.26. In the past year, the shares have traded as low as $172.00 and as high as $274.50. On average, 3358180 shares of AMZN exchange hands on a given day and today's volume is recorded at 1381495.