HMV's British stores acquired, may reopen in Ireland

Friday 05 April 2013 19.18
Hilco said it was talking with landlords about re-establishing the business in Ireland
Hilco said it was talking with landlords about re-establishing the business in Ireland

Restructuring firm Hilco has agreed to acquire 141 HMV stores in the UK, saving 2,500 jobs at the entertainment retailer.

The company, which is reported to have paid £50 million (€59m) for the chain, has also said it is in talks with a number of landlords with a view to re-establishing the business in Ireland.

Around 300 staff were made redundant at HMV Ireland in February after the company closed its 16 stores here.

A further 100 of the company's British outlets had been slated for closure by its administrator Deloitte.

Up to 25 of those will now be saved as part of Hilco's acquisition.

The firm has also acquired nine outlets that operate under the cut-price music brand Fopp as part of the deal.

Hilco, has turned around the HMV Canada business it bought in 2011.

It has also been involved in many high-profile UK retail restructurings, including Habitat, Woolworths and Borders.

Last year it was also brought in to clear stock and close stores at Clinton Cards and JJB Sports.

In a statement the company said it had spent a number of weeks negotiating revised terms with landlords and key suppliers.

The company has said that the landlords and key suppliers have been supportive of their plans.

Ian Topping, who will lead the Hilco team managing HMV, said one immediate change to the business would see them halt the sale of tablets.

He said they will also halt the sale of other devices to "reclaim the space for an enhanced music and visual range".