New HMV deal saves 2,500 jobs and and 141 stores

Retail restructuring experts Hilco have announced their acquisition of HMV from administrators, saving 141 stores – including 25 which were previously set to close and all nine Fopp outlets – and approximately 2,500 high street jobs. HMV employed 4,213 staff in 223 stores at the time of its collapse early this year.

Hilco, who also acquired HMV Canada two years ago, bought the company from Deloitte for an alleged £50m – though all parties declined to comment on the price – with the help of new supply terms from music labels and film studios keen for the survival of the major High Street retailer. Ian Topping, who will lead the new team alongside existing management, commented:

“This is an exciting investment for the Hilco team and we will be able to use some of the developments already progressed in Canada to restore HMV to health. We intend to reverse the earlier decisions to sell tablets and other devices in the stores and to reclaim the space for an enhanced music and visual range.”

“The reaction of the British public to the administration of HMV shows a strong desire for the business to continue to trade and we hope to play a constructive part in delivering that.”

A temporary HMV website has relaunched with a news post thanking supporters and promising a “come back with a bit of a bang later in the year”.

[via The Guardian, who also have a list of the branches saved and set to close]