2,500 HMV jobs to be saved
5 April 2013
Music retail chain, HMV, is set to be saved in a £50million deal that will secure 2,500 jobs, according to Sky News.
Hilco, the specialist restructuring firm, acquired HMV’s debts in January soon after Deloitte was appointed as administrator, and is likely to sign a deal that will take the retailer out of administration. Hilco will acquire approximately 130 HMV stores and all nine of the Fopp outlets.
The deal has also received support from suppliers and landlords of HMV. Major music companies and film studios, keen to maintain a presence on the high street through the last remaining music retail chain, have agreed to new supply terms. While HMV’s landlords are also seen to be supportive in order to avoid more vacant shops.
Hopes are high for the retailer as Hilco successfully acquire HMV’s Canadian business and turned it around. However the restructuring firm also bought assets from Allied Carpets and Woolworths in the past.
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