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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2011/01/insurance-move-adds-to-hmvs-woes.jpg"><img class="alignnone size-full" title="HMV has confirmed its suppliers are being hit by a reduction in credit insurance" src="http://londonglossy.com/wp-content/uploads/2011/01/min-insurance-move-adds-to-hmvs-woes.jpg" alt="HMV has confirmed its suppliers are being hit by a reduction in credit insurance"/></a></p>
<p>Embattled music, books and DVD retailer HMV Group has confirmed its suppliers are being hit by a reduction in credit insurance amid fears over the chain&#8217;s trading woes.</p>
<p>The group said some of its stockists had seen the availability of cover slashed as credit insurers &#8211; which protect suppliers if their customers go bust &#8211; put insurance for HMV under review.</p>
<p>Shares in HMV slumped 12%, compounding heavy falls seen earlier this month after it reported dire Christmas trading and revealed it was struggling to meet the terms of a bank loan.</p>
<p>HMV posted a 13.6% plunge in UK and Ireland like-for-like sales in the five weeks to January 1, warning profits for the year to April would be near the bottom of City forecasts.</p>
<p>The withdrawal of credit insurance was one of the main triggers behind the demise of high-street retailers such as Woolworths and Zavvi. Without cover, suppliers are trading at their own risk.</p>
<p>HMV, however, offered reassurance over the impact of the insurance troubles.</p>
<p>A company statement said: &#8220;Whilst this has resulted in the reduction in the availability of credit insurance to certain of the company&#8217;s suppliers, our business remains a core channel to market for them.</p>
<p>&#8220;We continue to maintain excellent relations with our suppliers and have had no difficulty in obtaining stock.&#8221;</p>
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