Hilco, a company specialising in restructuring retail businesses, has bought the debt of HMV, gaining control of the doomed company.
Hilco already owns HMV Canada and has now forked out to buy the company from it’s previous lenders Lloyds and RBS. HMV entered administration last week to the shock of the nation, but have been working hard with their adminstrators to get the ball rolling once again - and yesterday revealed that gift cards and vouchers would once again become valid, boosting hopes for the media retail chain.
Although Hilco don‘t officially own HMV, securing their debts - believed to be in the region of £176million (although Hilco won’t have paid this much) - does give them control over the company, and they’ll hopefully be able to assist them in the way they have to HMV Canada - who claim they were of ‘critical importance’ in helping them succeed financially.
It’ll be interesting to see where the company goes from here, as there has been reports that big companies such as Sony, Universal, and others were interested in a buyout. What would you like to see happen with HMV? Let us know your thoughts in the comment section below.
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