It's no secret that HMV have been on the ropes throughout 2011, and after rumours of scaling back their videogames selection surfaced last week, things were looking bleak for the high street retailer. However, strong support from music and movie suppliers have encouraged the banking syndicate behind the company to give them "more financial headroom" and waive some of the more stringent covenant tests on the indebted chain's borrowings. HMV predicts that they'll be able to reduce their debt by 50% over the next three years, making them financially secure in the short term future.
But I've only got one question left to ask. If HMV is in so much financial trouble, then why are there always such massive queues every time I go into Southend high street? It's enough to make you want to shop online instead... oh. [MCV]