Hilco, the restructuring specialist recently announced that it had acquired British entertainment retailer HMV. This move assures the future of the nearly century old firm and its 2,500 strong workforce.
Hilco already owns HMV Canada and has acquired the business and a few of the assets of HMV. The list includes 141 stores including 25 that have been identified for closure by its bankruptcy administrators Deloitte.
There was no announcement made as to cost of the purchase but many industry and media analysts estimate the cost at around GBP50 million. No comment or official announcement was also made as to the acquisition.
Hilco became the top choice to purchase HMV after it had absorbed HMV's debt last January. This comes after the firm went into bankruptcy administration after extended period of declining sales return because of online firm and supermarket sales. At its height, HMV operated 230 stores and had an employee headcount of 4,000.
Join the Conversation