HMV wins breathing space

HMV, the struggling UK retail chain, has secured new deals with suppliers including the major record labels and a number of film companies as well as with its bankers to give it much needed breathing space. Its shares, which have collapsed 90% in the last year, rose from 4.75p to 7.15p. suppliers will take warrants for 2.5% of the groups shares. David Joseph from Universal Music emphasised the importance record labels still place on the chain of stores.