Hilco saves 141 HMV stores, negotiating to re-establish businesses

Hilco has acquired more than 141 stores and 2,500 employees from entertainment retailer HMV and is currently negotiating with landlords to re-establish businesses in the Republic of Ireland, the company announced via press release.

According to the press release, Hilco employees will work with existing management, at least initially. Ian Topping and Henry Foster will lead the initiative. The company has completed its acquisition and "hopes to replicate" the success it had in the Canadian HMV market two years ago, Hilco CEO Paul McGowan said.

"The structural differences in the markets and the higher level of competition in the UK will prove additional challenges for the UK business," McGowan said, "but we believe it has a successful future ahead of it."

Hilco took on the retailer's debt in January as a first step to stabilizing and taking full ownership of the company. More than 100 stores were expected to close with some 1,500 employees being laid off. Of the 141 stores that Hilco acquired, at least 25 were scheduled to shut down. MCV released the full list of stores, which you can read here.