Hilco completes HMV acquisition, 25 stores saved from closure

Restructuring firm Hilco announced its procurement of UK high street retailer HMV from administrators Deloitte. Following protracted negotiations across the last few months, Hilco finalized the acquisition this morning, and in doing so ensured 25 stores previously earmarked for closure are to remain open.

HMV, one of the UK's most prominent high street sellers of games, effectively declared itself bankrupt by entering administration earlier this year. Hilco took on the retailer's debt, while Deloitte announced closures for almost half its outlets, with nearly 1,500 people laid off as a result. Today's news means HMV retains 141 stores and some 2,500 employees.