Hilco Seals Deal to Save UK Music Retailer HMV

HMV

Jason Alden | Bloomberg | Getty Images

Restructuring specialist Hilco said on Friday it had bought British entertainment retailer HMV, securing the future of the 92-year-old high street firm and 2,500 jobs.

Hilco,which already owns HMV Canada, said it had acquired the business and certain assets of HMV, including 141 stores, 25 of which had been marked for closure by administrators Deloitte.

Hilco did not say how much the deal had cost. Media reports had widely valued it at around 50 million pounds.

Hilco emerged as the front runner to buy HMV after it acquired the group's debt in January, weeks after it went into administration following years of declining sales lost to online firms and supermarkets.

Prior to administration HMV had around 230 stores and employed over 4,000 staff.