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HMV set to be rescued by Hilco in £50m deal, saving 2,500 jobs

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HMV is on the verge of being rescued by specialist restructuring firm Hilco in a £50m deal.

The agreement, which could be announced as soon as today (April 5), would save 2,500 jobs at the troubled retailer, according to Sky News.

An HMV store in north London

© PA Images / Yui Mok/PA Wire



Hilco is poised to acquire around 130 HMV-branded stores and nine outlets operating under the Fopp brand.

It also plans to re-establish HMV's presence in Ireland by reopening a store in Dublin, following the closure of all 16 outlets in the country earlier this year.

The chain is expected to be overseen by a mixture of incumbent HMV and newly-appointed Hilco executives.

HMV store on Oxford Street

© PA Images / Yui Mok/PA Wire



Major music companies and film studios are said to be supportive of the arrangement, keen to retain a high street presence for the entertainment industries as a rival to online marketplaces and UK superstores

HMV confirmed that it had gone into administration at the beginning of the year, and began the process of closing stores and laying off staff.

Hilco has widely been regarded as the frontrunner to take control of HMV ever since Deloitte was appointed as its administrator in January.

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