Hilco Acquires HMV’s UK Business
This also means that more than 2,500 employees will keep their jobs.
Hilco, which purchased HMV Canada in 2011, said that nine Fopp stores in the UK are also included in the purchase, which is reportedly valued at 50 million pounds or $76 million USD.
Paul McGowan, CEO of Hilco, said: “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.”
The new restructuring plan includes reversing an earlier decision to sell tablets and other devices in HMV stores and to “reclaim the space for an enhanced music and visual range.”
Hilco said it will be negotiating with landlords in Ireland to re-establish the HMV business there.
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