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Hilco seals takeover of HMV stores

Restructuring specialist Hilco has clinched a deal to rescue music and DVD retailer HMV.

Hilco has now acquired 132 HMV shops and all nine branches of the Fopp chain in a £50 million┬ádeal that could save 2,500 jobs.

The company already owns HMV Canada.

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

It was announced some time ago that the local store in the Strand shopping centre would continue trading.

The news that a deal has been signed should allow remaining stores to start thinking about future stock and sales plans.

Hilco's chief executive, Paul McGowan, said the firm hoped to replicate its success with HMV Canada, which it acquired nearly two years ago and which he said was now "trading strongly".

Another Hilco executive, Ian Topping, said HMV would be reversing its decision to sell tablets and other devices in its stores, making way for "an enhanced music and visual range".

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