HMV branches sold to Hilco

  • Restructuring specialist Hilco has signed a deal to buy the ailing British music and DVD retailer HMV.

    Hilco, which already owns HMV Canada, announced on Friday it had acquired 132 HMV shops and all nine branches of the Fopp chain.

    The deal is believed to be worth around $76.7 million and likely to save some 2,500 jobs.

    HMV, the UK's last surviving music retailer, collapsed in January following months of financial crisis.

    It was hit hard by increasing competition from online rivals, supermarkets and digital downloads.

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