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Report: 2,500 HMV jobs could be saved by £50m deal

HMV may be rescued in a £50 million deal that will preserve 2,500 jobs, it has been reported.

Specialist restructuring firm Hilco is poised to sign an agreement securing the future of the music retail chain and ending fears it could disappear from high streets, Sky News reported.

It was announced in February that 66 of HMV's 220 shops would close. Credit: Press Assocation

The deal, which could be announced as early as tomorrow morning, will involve the company emerging from administration, backed by a new company incorporated in the UK, the report said.

Hilco will acquire about 130 HMV-branded stores, and all nine of the outlets which operate under the cut-price music brand Fopp, it added.

HMV called in administrators from Deloitte in January but hopes of a rescue deal were subsequently raised after Hilco bought the company's debt. No one from Deloitte was available to comment tonight. An HMV spokesman declined to comment.


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