HMV To Sign £50million Rescue Package With Hilco, According To Reports
Friday, 05 April 2013
Written by Elliott Batte
The prayers of HMV and it’s doomed workers seem to have been answered this week - as they’re reportedly set to sign a £50million rescue package with Hilco, the company who owns HMV Canada
The restructuring firm is set to take over the media retail company, which was once one of Britain’s biggest in the industry, and the move may even go ahead today, according to reports in The Guardian.
The agreement will allegedly see Hilco taking over 130 HMV stores - and nine Fopp shops - following their acquisition of HMV’s £176million debt, which they purchased for £40million in January. HMV will now reportedly be run by a panel of both former HMV bosses, and Hilco staff.
The move should open a new chapter in HMV’s book, as a load of big name companies and labels have agreed to trade with the retailer once stores reopen. 2,500 jobs are said to have been preserved by the new deal.
What do you think of the news? Let us know in the comment box below.
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