Deathwatch: Hilco move in and acquire HMV's mountain of debt
There’s been a development in the unsavoury HMV saga, with the news that retail restructuring group Hilco UK has acquired the debt of the beleaguered entertainment retailer and effectively allowing it to take control of it.
Hilco already owns HMV Canada, which puts it in a strong position when it comes to attempting to save its UK cousin. This of course doesn’t mean that a magic wand will be waved, saving all 230 stores and 4,000 jobs but it will possibly shine a ray of hope over the nearly-knackered chain of shops.
It was said earlier in the week that more than 50 parties had expressed an interest in buying some of the company, with Game Retail believed to have its beady eye on about 45 stores.
Whether a smaller version of HMV will survive, with loss-making stores closed down remains to be seen. Or maybe we’ll all be killed by a falling meteorite. You just never know…