April 5, 2013 8:28

132 branches of HMV saved in £50 million rescue package

Over 2,500 jobs saved in new deal by Hilco

132 branches of HMV saved in £50 million rescue package

Photo: PA

132 HMV stores have been saved in a £50 million deal that will preserve over 2,500 jobs.

Hilco, the specialist restructuring firm, have signed a binding agreement to secure the chain's future and will acquire 132 HMV-branded stores and nine Fopp outlets. 2,643 jobs have been saved in total, including top level positions at HMV's head office and distribution functions. Nick Edwards, Joint Administrator, told Music Week: "We are delighted to have completed the sale of HMV’s UK retail business to Hilco UK. "The sale of the restructured portfolio secures the employment of 2,643 staff, saves one of the world's most iconic retail brands and provides a solid financial footing on which the business can be taken forward.

"We wish the Hilco UK and HMV teams every success with the business. I would like to thank all those stakeholders that have worked with us during the administration, but in particular the staff, suppliers and landlords for their support in making this deal possible."

Hilco, which owns HMV Canada, was the frontrunner to become the new owner of HMV soon after Deloitte was appointed as administrator at the end of January. At the time, Hilco bought HMV's £176m of debt for a reported £40m. The chain is now expected to be run by a combination of current HMV and newly-appointed Hilco executives. Major music labels and film studios are also understood to have backed the deal and have agreed new supply terms with HMV. Hilco also has plans to re-establish the brand in Ireland by reopening a store on Dublin's Henry Street. The retailer's 16 outlets in the country were closed three months ago.

Last month, the total number of job losses at HMV was reported as coming up to 1,500, and the number of stores marked for closure stands at 103. It came after administrators announced that an additional 37 stores would close, resulting in the loss of 464 jobs.

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