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Owner of HMV Canada Takes Control of HMV UK

A potential lifeline for the struggling high street entertainment chain.

The fate of the CD and DVD retailer has been unknown for the past week after announcing it had gone into administration in order to pay off its debts, with many fearing the store would close up shop and 4000 jobs would be lost. Promising news is emerging today though as Hilco, a reconstructing specialist which is also the owner of HMV Canada, has bought the debt of £176 Million from HMV’s lenders, Lloyds and the Royal Bank of Scotland.

The reconstructing group have been appointed to advise Deloitte on keeping the business running. Hilco purchased HMV Canada from HMV Group PLC in 2011 for £2 Million and managed to turn the business around. This puts them in a favourable position with UK suppliers.

Hilco does not officially own HMV but the deal gives them control of the chain and puts HMV in a more stable position in order to move the business forward. It is still unclear if all of the UKs total of 223 stores will all remain open however, Hilco announced yesterday that HMV will begin accepting gift cards again as of today. They will also pay the proceeds HMV raised through the sale of charity singles as soon as possible. 

The HMV web store remains offline at the moment.