Hilco will reverse plans to sell tablets and other devices in stores and 'reclaim the space for an enhanced music and visual range'.Įntertainment retailer HMV has been bought by restructuring group Hilco in a deal that saves more than 2,500 jobs and keeps 141 stores open. Mr McGowan said: 'The structural differences in the markets and the higher level of competition in the UK will prove additional challenges for the UK business but we believe it has a successful future ahead of it.'
Hilco plans to replicate some of the success it has had with HMV in Canada, which it bought almost two years ago and is now 'trading strongly'. The long-awaited deal includes nine Fopp stores. Hilco dhief executive Paul McGowan said the group spent weeks discussing fresh terms with landlords and suppliers, which all supported its plans to keep the chain on the high street. HMV had 223 stores across the UK, employing 4,123 staff, when weak consumer spending and intense competition from the internet and supermarkets forced it into administration in January. Declining sales: HMV went into administration in January as it battled against declining sales of CDs and DVDs as well as competition from supermarkets and online retailers
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