Stricken music chain HMV 'now controlled by turnaround firm'
HMV's chances of remaining on the high street looked to have brightened today after a specialist turnaround business effectively took control of the music and DVD chain.
According to reports, Hilco has bought the stricken retailer's £176 million of debt from its banks.
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Experts say the move gives the company some stability as administrators look at ways of securing its future and safeguarding more than 4,000 staff at 223 stores, including dozens at stores in Leicester and Loughborough.
HMV went into administration last week after being hit hard by competition from lower cost online operators and supermarkets.
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Reports say record companies are interested in rescuing the 92-year-old business.
Administrators Deloitte said vouchers would be accepted at HMV stores from today, after saying last week they could not be redeemed.
Comments
by llamalamb
Tuesday, January 22 2013, 9:38PM
“Just hope this is a real rescue and not some asset stripping venture capital money making scam.”