HMV Debt Acquired By Hilco
Written Tuesday, January 22, 2013 By Richard WalkerView author's profile
It looks like the future of HMV has been secured, thanks to HMV Canada owner Hilco, who has swept in to acquire the troubled retail chain’s debts. This grants Hilco complete control of the company.
HMV entered into administration last week, prompting the retailer to cease acceptance of gift cards and vouchers, which it has since changed. Gift cards are now accepted in all HMV stores. The Financial Times reports that Hilco's move to assume control of the money owed to Lloyds and Royal Bank of Scotland – believed to be around the £200 million mark – will grant the company control and ownership of the HMV brand.
Apparently, the first step for Hilco and administrator Deloitte will be to stabilise the current situation, before negotiations commence and Hilco ultimately takes ownership of HMV. For now, it appears that the retailer is safe.