Saturday, 6 April 2013

2,600 jobs saved in HMV UK rescue deal

Administrators Deloitte have confirmed  that HMV UK has been sold to Hilco, the restructuring company that already owns HMV Canada, and which will now take the British business out of administration. Hilco will take over 140 HMV stores, including the Fopp network, in a deal thought to be worth £50 million. The move will save 2,600 jobs at the UK's only remaining high street CD, games and DVD retailer. A small number of the flagging retailer's shops that have already been closed during the administration will reopen but over 70 others will shut with the loss, of 1,500 jobs. The chain owed £347 million when it failed, including £237 million to unsecured creditors who will remain unpaid. 

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