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Restructuring firm Hilco is reportedly poised to save 130 HMV-branded stores and 2,500 jobs in a £50m deal.
Sky News has reported that the move to save the stores could be finalised as early as this morning (5th April) and could see HMV emerging from administration as a newly-formed UK company.
Hilco bought HMV’s debt in January, taking effective control of the company along with administrators Deloitte.
Nine Fopp stores as well as the 130 HMV stores are also expected to be saved and will continue to trade under the Fopp name.
Former HMV executives will continue to run the HMV stores along with new Hilco executives, according to Sky News.
The entertainment company’s suppliers are said to be supportive of the new deal and have agreed new supply terms with HMV.
An arm of Hilco, Valco Capital Partners, bought Borders in 2009. Subsequently the business went into administration and all branches were closed.