Hilco, who already own HMV in Canada, have bought HMV and taken on its huge debt of £176m. Great news for employees as there is a hope that many stores will be saved.
Hilco are a restructuring specialist, which simply means that they are good at taken companies that are broken and turning them around with new strategies, new management and new ideas to make them work again.
Hilco have bought the debt from HMV’s lenders, Lloyds and Royal Bank of Scotland. Hilco also bought up much of Habitat after it had its problems in June 2011.
The question of whether or not HMV is closing down still looms as at the moment we do not know what Hilco plan to do with the stores. They have not made a statement regarding the purchase.