Hilco have completed their deal to take over what remains of HMV.
It's tough times out there. Britain is still suffering the effects of a double dip recession, with countless historic high street brands falling by the wey-side. For music fans, the loss of HMV was particularly acute.
Founded in 1921, the chain had sat at the heart of the British music industry for almost 100 years before money problems set in. Placed into administration earlier this year, a buyer was sought for the ailing firm.
Now Hilco have completed a takeover deal, with the financial firm set to gain control of 132 HMV shops and nine branches of FOPP. (via BBC) Hilco have previous experience with this situation – two years ago the firm were responsible for a similar buy out with HMV Canada.
Chief Executive Paul McGowan said: "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."
When news of HMV's administration broke, Clash writer Samuel Breen penned a heartfelt critique of what remains a complex situation.
Fancy reading it? Click HERE, friend.
