Firm Hilco ready to save HMV through deal

Following HMV’s administration it’s thought the deal could save thousands of jobs

13:08 05 April 2013

The company Hilco is expected to help entertainment group HMV through a new deal that reportedly could help save 2,500 jobs. The news of a deal comes months after HMV suffered administration.

Hilco seems to be the favourite option when it comes to who could take up a deal with HMV. The deal is reportedly worth £50million it emerged on Thursday, 4th April, 2013.

HMV’s future could now look more promising, after the music retailer had many millions of pounds of debt.

It is understood Hilco aims to hold around 130 HMV stores, as well as there being 9 other sites with another brand, through the deal. This could help rid of recent rumours that HMV may shrink from the UK’s High Street.

Deloitte became the retailer’s administrators in January this year. There has been attention paid to HMV from other entertainment groups aside from Hilco.

HMV, who have celebrated their 92 year mark, had around 220 stores and approximately 4,100 employees when it fell into administration.

Many stores have been suffering recently by the fact that consumers can shop online. Companies such as Amazon offer online sales; in particular Amazon sells CDs and DVDs (among other products) which are comparable to HMV items.