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HMV accepting gift cards again, rescued by retailing firm

Hilco steps in to take over firm’s debt
Tue Jan 22 2013, 14:50
HMV shop

HIGH STREET but low web profile CD, DVD and video game seller HMV has sold its debt to a UK firm called Hilco.

Hilco is a retail restructuring firm, and HMV is a company that apparently needs some retail restructuring. HMV announced that it had called in the administrators earlier this month, and since then it has alarmed and then cooled consumers by saying that it would not, and then that it would, accept its gift vouchers in stores.

Today it restarts accepting those vouchers and today we found out about its sale of debt to Hilco. According to a short statement on the Hilco website, the firm has bought HMV's debt but not its business.

This means that it, along with Deloitte, can continue to shop the HMV brand around and try to raise a good price for it.

"Hilco UK confirms that it has acquired HMV's debt from the Group's lenders. It has not bought the business itself," it said.

"Hilco believes there to be a viable underlying HMV business and will now be working closely with Deloitte who, as Administrators, are reviewing the business to determine future options."

HMV has been accused of not making good use of the internet, but it employs thousands of staff is its high street stores. µ

 

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