Hilco to save HMV stores and jobs

5 April 2013


Seems the death of HMV has been exaggerrated as restructuring firm, Hilco, look all set to rescue the retail chain with a £50m deal which will save 2,500 jobs.

Hilco will acquire around 130 HMV shops and all nine of the Fopp branches. The chain will be run by HMV themselves and newly-appointed Hilco executives.

Alongside this, record companies and film studios have apparently agreed to new supply terms with HMV in a bid to retain some presence on the British high street.

This is the latest Lazarus retail trick, with Jessops coming back via Dragons' Den giant Peter Jones and Republic getting snapped up by Mike Ashley, the Sports Direct tycoon and Newcastle United comedy genius.

However, this isn't all good news. Hilco don't have a great record when it comes to reviving the fortunes of beleaguered businesses. They tried to save Woolworths, and we all know how that ended up. Either way, good news that some jobs have been saved, even if no-one intends shopping at HMV anymore.


UPDATE: The 141 stores included in the sale are:
Aberdeen, Ayr, Banbury, Bangor (Wales), Basildon, Basingstoke, Bath, Belfast Donegall Arcade, Birmingham Bullring, Blackpool, Bluewater, Bournemouth, Bradford, Brighton Churchill, Bristol Broadmead, Bristol Cribbs, Bromley, Bury, Bury St Edmunds, Cambridge, Canary Wharf, Canterbury, Cardiff, Carlisle, Chelmsford, Cheltenham, Chester, Chichester, Colchester, Coventry, Crawley, Cwmbran, Darlington, Derby, Doncaster, Dundee, East Kilbride, Eastbourne, Edinburgh Fort Retail, Edinburgh Ocean Terminal, Edinburgh Princes Street, Exeter, FOPP Bristol, FOPP Cambridge, FOPP Covent Garden, FOPP Edinburgh, FOPP Glasgow Byres Road, FOPP Glasgow Union Street, FOPP Gower Street London, FOPP Manchester, FOPP Nottingham, Gateshead, Glasgow Argyle, Glasgow Buchanan, Glasgow Fort, Gloucester, Grimsby, Guernsey, Guildford, Hanley, Harlow, Harrogate, Hastings, Hatfield, Hereford, High Wycombe, Horsham, Hull, Inverness, Ipswich, Isle of Man, Isle of Wight, Islington, Jersey, Kettering, Kings Lynn, Kingston, Leamington Spa, Leeds Headrow, Leeds White Rose, Leicester, Lincoln, Liverpool One, Livingston, Llandudno, Maidstone, Manchester 90 Market Street, Manchester Trafford, Mansfield, Merry Hill, Middlesbrough, Milton Keynes, Newcastle, Newport (Wales), Northampton, Norwich Gentlemans Walk, Norwich Chapelfield, Nottingham Victoria, Nuneaton, Oxford, Oxford Circus, Peterborough Queensgate, Plymouth Drake Circus, Poole, Portsmouth Commercial Road, Portsmouth Gun Wharf Quay, Preston, Reading Oracle, Romford, Selfridges Oxford Street, Sheffield High Street, Sheffield Meadowhall, Shrewsbury, Solihull, Southampton, Southend Victoria, Southport, Speke Park, Staines, Stevenage, Stirling, Stockport, Stratford upon Avon, Stratford City Westfield, Sunderland, Sutton, Swansea, Taunton, Thanet, Thurrock, Truro, Tunbridge Wells, Uxbridge, Westfield London, Wimbledon, Winchester, Wolverhampton, Worcester, Worthing, Yeovil, York.

TOPICS:   High Street News


  • Daily M.
    So your Deathwatch was wrong then? Might be right for Bitterwallet though.
  • Spencer
    I give it till next Feb. Much like with jessops, as well as every other casualty of the high st. They've belly-up for a reason. That reason is a flawed outdated business model that has little relevance to todays consumer. Unless HMV offer something radically different - and provide an actual incentive to make the effort to spend money with them... then they're heading straight down the toilet... Call me cynical... But much like with Dragon Peter buying up Jessops... this wreaks of Henry Jackson style Buy&Bust...
  • shiftynifty
    This is definitely buy and bust....staff subsided by the state....and when it all goes tits up....well we know what happens then, I`m all for creating new jobs etc, but jessops and hmv went bust because outdated
  • Her L.
    It wouldn't take a genius to restructure HMV's bricks and mortar offering into something truly different and appealing to their customers. With all the prime High Street locations they have HMV could be at the centre of regenerating failing town centres, but I'm going to keep my ideas in my head unless Hilco want to offer me a consultancy position. ;)
  • Justin A.
    I can see three branches that haven't been saved from that list just from around Manchester (Eccles, Ashton-Under-Lyne, Rochdale) so it's not a complete takeover or resurrection. Smaller branches or ones in out-of-the-way locations are still closing based on that.
  • Mr M.
    Let the people who fucked up last time run it again, negotiate worse terms than they were on previously, add lots of Hilco 'executive' positions to the payroll - what could possibly go wrong.
  • grounded
    Oh well..a few less pound shops i suppose
  • Marly M.
    The Eccles on has the highest theft rate in the whole country, theres a report online somewhere that says of their goods that leave the store 90% are stolen. It must be some sort of clever tax dodge. Given the local druggies and tramps its not surprising they don't even have security most days... too dangerous.
  • security L.
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