Restructuring specialists Hilco have agreed a £50 million deal with administrators Deloitte to takeover 141 of HMV’s 230 stores.
2,500 jobs will be safeguarded as a result.
Most importantly, Hilco say they’re “in negotiations with a number of landlords with a view to re-establishing an HMV business in the Republic of Ireland.”
More generally, Hilco Chief Executive Paul McGowan says: “We have spent a number of weeks negotiating revised terms with landlords and the key suppliers to the business, all of whom have been supportive of our plans to maintain an entertainment retailer on the high street. 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.”
Meanwhile it’s been revealed that the rent on HMV’s old 65/66 Grafton Street premises has been slashed from €1.7 million to €1 million a year in order to attract a new tenant.
Stay tuned to hotpress.com for updates.