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HMV rescued with £50m deal; outlets and jobs saved

British retailer back from the brink

HMV is set to sign an agreement with specialist restructuring firm Hilco, which will see the latter company acquiring 130 HMV outlets.

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As reported by Sky News, the deal is expected to be announced Friday morning in the UK, and will save many remaining stores and up to 2,500 jobs. Hilco managed to recover the ailing Canadian branch of HMV in 2011.

The news follows expectations that the retailer would shutter permanently following entering administration in January. Now, stores expected to close, including outlets in Edinburgh, Leamington, Nuneaton and Newport, will remain open.

More than 66 stores have closed since the company entered administration.

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