HMV to be rescued in Hilco deal that will save jobs and shops
Collapsed music retailer HMV looks set to emerge from the ashes in a takeover by Hilco that will salvage 2,500 jobs and 140 shops, Sky News reported Friday.
Collapsed music retailer HMV looks set to emerge from the ashes in a takeover by Hilco that will salvage 2,500 jobs and 140 shops, Sky News reported Friday.
Restructuring firm Hilco is poised to sign a £50m deal to rescue HMV from administration.
The entertainment chain went bust in January, appointing Deloitte as administrators, after failing to keep up with online competition.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Hilco could announce a deal as early as Friday. It will see Hilco acquire about 130 HMV-branded stores and all nine of the outlets which operate under the cut-price music brand Fopp.
People familiar with the situation told Sky an agreement was likely to be struck later although it could be delayed.
Neither Deloitte nor Hilco could be reached for comment.
A takeover bid by Hilco has been speculated since it took over effective control of HMV in January.
Hilco, which already owns HMV Canada, purchased the group's debt from its lenders, Lloyds and Royal Bank of Scotland.
HMV's debt last October stood at £176m but it was understood Hilco paid much less to acquire it since the chain entered bankruptcy.
RD
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
-
Bitcoin price one of the most-asked questions on Alexa - here's how to buy the cryptocurrency
According to figures from Amazon, which cover September 2023 to November 2024, pop star Taylor Swift and Bitcoin were named among the most popular Alexa queries of 2024
By Chris Newlands Published
-
Investing for children this Christmas – five ideas
It might not come with a shiny ribbon, but an investment fund could be the gift that keeps on giving. We share five ideas if you are investing for children this Christmas.
By Katie Williams Published