Beleaguered high street retailer HMV appears to have been given a lifeline at the eleventh hour, thanks to HMV Canada's owner Hilco.
The company has acquired HMV's debts, effectively giving it control of the UK chain. Deloitte, HMV's administrators, has said that it is working with Hilco as the pair "continue to seek a positive outcome for the business".
At the moment, the move is seen as a step to stabilise the retailer as negotiations continue for a full acquisition. HMV's debt was estimated at around £176m, but Hilco reportedly paid less due to the fact that the chain is in administration.
Gift cards will now be accepted in HMV stores.
Source: BBC
The company has acquired HMV's debts, effectively giving it control of the UK chain. Deloitte, HMV's administrators, has said that it is working with Hilco as the pair "continue to seek a positive outcome for the business".
At the moment, the move is seen as a step to stabilise the retailer as negotiations continue for a full acquisition. HMV's debt was estimated at around £176m, but Hilco reportedly paid less due to the fact that the chain is in administration.
Gift cards will now be accepted in HMV stores.
Source: BBC
Companies:
HMV
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