HMV deal saves 132 stores and 2500 jobs


Restructuring specialist Hilco has come to the rescue of troubled music and movies retailer HMV, acquiring 132 HMV stores in the UK and potentially saving 2500 jobs.

Hilco, which owns HMV Canada, has also acquired nine branches of the Fopp chain. The deal is thought to be worth around £50m. Hilco acquired HMV's debt back in January, making a rescue deal more likely.

HMV collapsed in January, hit hard by competition from supermarkets and online retailers. It operned its first shop on London's Oxford Street in 1921. At its peak it had 400 outlets around the world.

Read more on the HMV collapse

By Andy Clough

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Andy Clough

Andy is Global Brand Director of What Hi-Fi? and has been a technology journalist for 30 years. During that time he has covered everything from VHS and Betamax, MiniDisc and DCC to CDi, Laserdisc and 3D TV, and any number of other formats that have come and gone. He loves nothing better than a good old format war. Andy edited several hi-fi and home cinema magazines before relaunching in 2008 and helping turn it into the global success it is today. When not listening to music or watching TV, he spends far too much of his time reading about cars he can't afford to buy.