HMV Saved by Hilco

It appears that retailer HMV has been saved from bankruptcy by 'restructuring specialist' Hilco.

The Financial Times reports that Hilco has assumed the debt HMV owed to Lloyds and Royal Bank of Scotland (estimated at £200m). This deal effectively gives Hilco control of HMV, though it does not yet own the brand.

Interestingly, Hilco already owns and operates HMV Canada, which it bought from the parent HMV group back in 2011 for £2m.

HMV announced that it was entering administration on January 14, quickly appointing Deloitte to oversee the process. The store initially stop accepting gift voucher, but this decision was overturned yesterday. But it now seems that HMV will continue to have a presence on the British high street.

HMV has 223 UK stores in total, employing a workforce of roughly 4,000.

Daniel is IGN's UK Staff Writer. You can be part of the world's worst cult by following him on IGN and Twitter.

Source : ign[dot]com