Friday, April 5, 2013 6:48am ET by  
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HMV stores saved after Hilco takes over

Over one hundred HMV shops have been saved after Hilco confirmed they have acquired the business.

The entertainment retailer went into administration earlier this year after failing to pay off debts, with some stores closing.

However, MusicWeek reports that 132 stores are being kept on after the restructuring specialists took over the ailing company - meaning that around 2,500 jobs are safe.

Hilco CEO Paul McGowan said: "We have spent a number of weeks negotiating revised terms with landlords and the key suppliers to the business, all of whom have been supportive of our plans to maintain an entertainment retailer on the High Street.

"We hope to replicate some of the success we have had in the Canadian market with the HMV Canada business which we acquired almost two years ago and which is now trading strongly. The structural differences in the markets and the higher level of competition in the UK will prove additional challenges for the UK business but we believe it has a successful future ahead of it."

Nine FOPP shops have also been saved as part of the deal.

 

 

 

 

Watch a report on HMV below: