HMV Is Finally Sold To HILCO In Dramatic Rescue Bid
Recently, the struggling retailer, HMV, has been at the centre of nationwide speculation as to what its troubling financial future and high-street presence might hold. In fact there has even been rumours that the superstore giant Walmart would acquire the business and save it from impending doom after almost 100 years of trading. However, today, amidst the arrival of HMV's huge rental arrears, it has been confirmed that the retail restructuring specialist, Hilco, has acquired HMV in a bid that is thought to be worth £50million; slightly less than speculated.
At the peak of HMV's domination the retailer had over 400 media outlets the world over, and with 50% of these being in the UK now HMV has significantly downgraded to 132 HMV outlets.
Considering that Hilco already owns HMV Canada, and with 2,500 jobs at stake in the UK, the fact that retail restructuring specialist Hilco has acquired HMV, without doubt, will come as respite for many who's jobs have been held without security for the past six months. In fact, where a number of years ago HMV entered the realm of selling digital devices such as tablets and MP3 players, one of the Hilco executives, Ian Topping, has has categorically confirmed that the restructuring giant plans to make way for an enhanced music and visual range. Hopefully, from this point forth, we shall see HMV as a beautiful Phoenix rising from the ashes.
Recently, the struggling retailer, HMV, has been at the centre of nationwide speculation as to what its troubling financial future and high-street presence might hold. In fact there has even been rumours that the superstore...