Retail restructuring group, Hilco have saved HMV after the specialists bought the company’s debts.
The announcement was made earlier today after they reached an agreement with HMV’s lenders, Lloyds and Royal Bank of Scotland, over the 176 million owed.
Hilco, who already bought HMV Canada from HMV’s parent company back in 2011, were announced on the weekend as one of the potential bidders ready to make an offer.
BBC News state that although not official owners yet, the deal gives Hilco “effective control” of HMV.
HMV announced yesterday that they’ll also start accepting gift cards again from today onwards.
Late last week, HMV asked its suppliers for approximately £300m in additional financing to help pay off its debt and fund an overhaul of the company’s business model. The proposal was turned down and Deloitte were appointed as HMV’s administrators.
The chain employs around 4,000 workers and has 230 UK stores.
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