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HMV deal 'saves 2500 jobs'

Some 2,500 jobs at retailer HMV have been saved after restructuring firm Hilco agreed a deal to acquire 141 stores, including 23 which had previously been set for closure.

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HMV buyers: We believe company has successful future

Specialist restructuring firm Hilco has confirmed it has struck an agreement with HMV administrators Deloitte to buy the company, in a deal that should secure 2,500 jobs.

The deal will keep 141 shops open, including 25 which had already been earmarked for closure.

The sale includes all nine of the Fopp-branded shops. Hilco chief executive Paul Mc Gowan said the company hoped to replicate the success they have had with HMV Canada, purchased two years ago.

We have spent a number of weeks negotiating revised terms with landlords and the key suppliers to the business, all of whom have been supportive of our plans to maintain an entertainment retailer on the High Street.

We hope to replicate some of the success we have had in the Canadian market with the HMV Canada business which we acquired almost two years ago and which is now trading strongly...The higher level of competition in the UK will prove additional challenges for the UK business but we believe it has a successful future ahead of it.

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