HMV has been handed a lifeline. Retail restructuring specialist Hilco has swooped in with a rescue package for the British chain — reportedly worth some £50 million ($76 million). The arrangement all-but secures the future for the once-great music and entertainment retailer, and saves some 2,500 jobs.
The deal was announced this morning, when Hilco reported that it had “completed the acquisition of the business and certain assets” of HMV from its administrators, Deloitte.
The business, according to Hilco, includes 141 stores, 25 of which the administrators had earmarked for closure. Hilco, which already owns HMV Canada, will also take-on the nine low-price Fopp outlets through today’s purchase. All told, the acquisition should protect the jobs of some 2,500 employees, Hilco said.
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