Reprieve for 11 North West HMV stores
ELEVEN North West HMV shops, including those in Manchester, Liverpool and Preston, will stay open after they were included in the acquisition of 141 shops by restructuring specialist Hilco UK.
No figure has been put on the deal, which includes 132 HMV shops and all nine Fopp stores, but it is believed to be worth £50m.
Manchester’s Market Street shop was originally earmarked for closure by administrators from accountancy group Deloitte who were appointed to the retailer in January.
The deal has also saved Manchester’s Fopp and shops in Blackpool, Bury, Carlisle, Chester, Isle of Man, Speke Park, Stockport, and the Trafford Centre. Seven others, already due to close, have not been included. These are in Southport, Birkenhead, Blackburn, Rochdale, St Helens, Warrington and Wrexham.
The sale also involves the group’s head office and distribution sites, and has secured 2,643 jobs. When administrators were appointed the group had 222 shops, which means 81 have either closed or will now shut.
Joint administrator Nick Edwards said: “The sale of the restructured portfolio secures the employment of 2,643 staff, saves one of the world’s most iconic retail brands and provides a solid financial footing on which the business can be taken forward.
“We wish the Hilco UK and HMV teams every success with the business. I would like to thank all those stakeholders that have worked with us during the administration, but in particular the staff, suppliers and landlords for their support in making this deal possible.”
