HMV will emerge from administration, with 141 stores and 2,643 employees.
The firm has officially been acquired by Hilco, and will be led by Ian Topping. Topping was the former CEO of Steinhoff Group.
Paul McGown, Hilco CEO, will be the company’s new chairman.
HMV had 222 stores before its administration and the retailer said it might have to close over 100 stores to survive. The good news is not nearly as many stores are closing as feared, and in fact 25 outlets that were earmarked for closure, have been saved.
In total 132 HMV outlets have been rescued alongside a further nine Fopp stores. You can see the full list of remaining stores right here.
The new HMV will no-longer focus on tablets and technology, and will instead expand its ‘music and visual’ divisions. What this means for video games is not entirely clear. Administrators Deloitte made most of the HMV video games team redundant earlier in the year. MCV has reached out to HMV for clarification on its position in games.
HMV entered administration in January. But the retailer was given more time after Hilco UK acquired the company’s debt. Suppliers were confident the firm would be saved, and continued to provide HMV with music, video and video game stock.
Hilco already owns HMV Canada, which enjoyed a profitible year last year.
McGowan said in a press statement: We have spent a number of weeks negotiating revised terms with landlords and the key suppliers to the business, all of whom have been supportive of our plans to maintain an entertainment retailer on the high street.
We hope to replicate some of the success we have had in the Canadian market with the HMV Canada business which we acquired almost two years ago and which is now trading strongly.
"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.”
Topping added: This is an exciting investment for the Hilco team and we will be able to use some of the developments already progressed in Canada to restore HMV to health.
"We intend to reverse the earlier decisions to sell tablets and other devices in the stores and to reclaim the space for an enhanced music and visual range.
The reaction of the British public to the administration of HMV shows a strong desire for the business to continue to trade and we hope to play a constructive part in delivering that.”