Wed, 23 Jan 2013 | BUSINESS NEWS
Hilco has purchased HMV's debt and taken control of the retailer, it has been confirmed.
The business, which already owns HMV Canada, bought the debt from Lloyds and the Royal Bank of Scotland, in a debt deal with the banks for the business in administration.
Estimates put HMV's debt at around £176 million, but Hilco is thought to have paid a lot less than this due to the company's status as being in administration. It is worth noting, however, that the deal does not mean that Hilco officially owns HMV just yet, although it does given it effective control.
Hilco was reportedly the favoured party for a buyout of HMV, receiving support from an music industry group of record labels and film studios, including Sony and Universal Music.
This could be down to the success that Hilco brought to HMV Canada when it bought it from the parent HMV group back in 2011 for £2 million.
HMV entered administration last week under pressure from online competition, supermarket rivals and illegal downloading. The business has a total of 223 stores in the UK and employs a workforce of around 4,000.
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