May 9, 2013 15:31

HMV could return to Ireland thanks to rescue package

Up to six stores in Ireland could re-open if negotiations with landlords are successful

HMV could return to Ireland thanks to rescue package

Photo: PA

HMV could return to Ireland thanks to a rescue package by specialist restructuring firm Hilco.

Last month (April), Hilco saved 132 HMV stores in the UK after acquiring the ailing retail chain for a reported £50million. Some 2,643 jobs were secured in the process.

Now Hilco is aiming to help HMV resume trading in Ireland. Until the chain went into receivership this January (2013), it was running 16 stores in Ireland, but they are all currently closed.

According to The Irish Times, up to six stores in Dublin, Cork, Galway and Limerick could re-open if negotiations with landlords are successful. Landlords will apparently be offered a "realistic rent" with a standard "top-up element".

Hilco also runs 113 HMV stores in Canada, although these are regarded as a separate business entity from the chain's UK and Ireland operations.

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