Good news today for struggling retailer HMV. Their UK operation is being rescued by restructuring specialist Hilco, who have agreed to pump £50 million into the struggling company, which could potentially save around 2,500 jobs.
As well as acquiring 130 HMV stores and 9 outlets in the UK, Hilco have also stated that they will re-establish HMV's Irish operation. It remains to be seen if HMV's figurehead brand in Dublin's Grafton Street will be re-opened, given that the property is now currently on the rental market and is one of the most sought-after commercial properties in the country. The rental fees for the property are said to be incredibly prohibitive, though, and this is putting off many potential suitors.
The new HMV will be led by a mix of former HMV executives, as well as several new appointees from Hilco.
HMV went into administration in January, ultimately leading to the closure of all 16 Irish branches and dozens of job losses.
This will be seen as great news for music and film companies who were concerned about the lack of high street retail opportunities for their wares. It is also, of course, even better news for HMV staff and their families.
