Hilco Set to Rescue HMV in £50m Deal
Is HMV about to be saved from the brink? It seems that way at the moment. Sky News has reported that on Friday morning UK time, a deal is expected to be announced that will save many of the remaining HMV stores and anything up to 2500 jobs.
Hilco, the specialist restructuring firm, has stepped in to save HMV from collapsing permenantly. It is reported that a deal of around £50 million is on the verge of being reached. HMV is said to continue to run with some HMV staff working alongside new Hilco executives.
HMV’s Canadian business was successfully turned around by Hilco two years ago, and it seems very likely now that the same is set to happen to the UK counterpart. They have been the frontrunner to become the owner of HMV since around the end of January, when Deloitte was appointed as the Administrator. Hilco also has plans to re-establish the brand in Ireland by reopening a store on Dublin’s Henry Street.
So, to those in the UK, it looks as if HMV will be making its way back. The official word on this, as mentioned, is to be released during Friday morning, but things could be delayed. Leave a comment and let us know what you think about HMV returning to the high street.