Troubled media retailer, HMV, has potentially been saved from the brink of total collapse by a £50 million deal. Hilco UK, the restructuring company which acquired the retailer’s debt in January, are in the process of agreeing terms which will save 140 remaining stores and approximately 2500 jobs.
A number of stores that had been previously earmarked for closure are now set to remain open following the deal, including sites in Edinburgh, Newport, Nuneaton and Leamington.
Despite the retailer’s troubles, suppliers had continued to support the chain, and clearly they still seem to see value in having their products present on the high street. Presumably this is particularly true in the case of software, with the major game companies having a drastically reduced presence following the downsizing of the Game/Gamestation brands.
Hilco already own HMV Canada, and led that arm of the brand to achieve a profit last year which is promising for the branches in the UK. It should be noted that they do however have mixed results with British retailers, having previously been involved with the demise of the Woolworths chain.
It’s expected that an official announcement could be made later today.
Source: Sky News
Foxhound_Solid
Surprisingly the Bradford Store remains. It’s the only shop in the centre, but it remains
Pidge
Not sure if they have started being sensible already…
Hobbit 3D Blu Ray is either £15.99 or £16.99 when it is released on Monday!!
I cancelled my £20 Amazon Pre Order and will walk into my local HMV on Monday and get it there. If this is a sign of things to come and prices will be reasonable then it is all good.
However, it hasn’t happened with the likes of GAME, they are still stupidly expensive and try to pass it of as GAME exclusive editions when within a week or 2 of release the DLC is publically available form PSN or Xbox Live and even buying doesn’t cost more than the main game!
SH Number 7/Mini-Lipscombe
That has never happened to me, I usually shop on the high street, I get it faster and I rarely find anything cheaper on the net, at least a new release any way. I’ve actually been fucked over more from buying online than in a store, a few times I’ve preordered a game and it’s come weeks after the release date and was the same price as in store. Often a game may be a few pounds cheaper but it’s not worth the wait or I’ll still have to pay postage.
RocketSOL
Good news for the staff in those stores. lets just hope they keep the prices decent or they’ll end up in the same situation eventually!
hazelam
i’d hope my local HMV could be saved, but i don’t know if it’s one of those they plan to save, it looked a depressing, forlorn place last time i was in there, nearly empty shelves, which they were also trying to sell off.
it kinda reminded me of the aftermath of the riots in 2011, when the store got looted, and i mean totally looted, the rioters even took a lot of the fixtures.
the rioters couldn’t finish them off, but this whole mess might.
this is why the games industry bleating about how hard times are pisses me off, they weathered the recession better than almost any other industry, but now it’s finally started to hit them they act like they’re the only ones in trouble.
and for many of the big publishers, they’re not actually losing money, they’re just not making as much as usual.
anyway.
hopeful news for HMV.
MHV is one of those, always been there, stores on the high street, and i kinda figured it always would be.
Wardy-77-
I thought the same about Woolworths.
Bilbo_bobbins
That is good news, I still like to buy stuff in store, even if it is slightly more sometimes.
gaffers101
My local HMV (Colchester) has continued to trade. I really hope that Hilko can turn the business around, I love browsing in HMV whilst my wife shops for shoes, etc.
Starman
My local hmv had removed the games section when I went in this week. Hopefully they’ll restock now.
Wardy-77-
Hopefully they can save them I enjoy a good wander round HMV occasionally.
Awayze
Lower prices!