UK entertainment high-street chain HMV has had 132 of its stores saved along with 9 Fopp outlets after Hilco completed its acquisition of the stores.
The specialist restructuring firm have signed a binding agreement to secure the chain’s future with over 2,500 jobs being saved.
Hilco CEO Paul McGowan made the following comment:
“We have spent a number of weeks negotiating revised terms with landlords and the key suppliers to the business, all of whom have been supportive of our plans to maintain an entertainment retailer on the High Street. We hope to replicate some of the success we have had in the Canadian market with the HMV Canada business which we acquired almost two years ago and which is now trading strongly. The structural differences in the markets and the higher level of competition in the UK will prove additional challenges for the UK business but we believe it has a successful future ahead of it.”