HMV now looks very likely to survive on the UK High Street – at a price.
The Daily Mail reports that Hilco could close around half of HMV’s 223 UK stores in the hope that a streamlined version of the chain can live on. It’s the same strategy that the restructuring firm used to successfully turn around HMV Canada, which is acquired in 2011.
This would also open the door to retailers such as GAME possibly acquiring some of the stores not wanted by Hilco.
Hilco, of course, moved to acquire HMV’s debt last week in a move that opens the doors to its taking full ownership of the iconic chain. Reports claim that Hilco paid £40m to acquire around £120m of debt.