50% of HMVs to be saved

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Debt-bound company sees half of all stores saved by investor Hilco.

HMV may see half of its currently existing stores saved from closure under plans drawn up by Hilco, according to recent reports.

Currently undergoing restructuring, the media retailer will be able to salvage half of its 223 stores in the UK in a bid to ape its Canadain sister company’s successful strategy, reports the Daily Mail.

Additionally, HMV’s salvation could see Jessops returning to the high-street, albeit in the much diminished form of a concession stand within the music, film and games retailer.

After succumbing to mounting debts and falling into administration earlier this month, HMV saw its bill picked up by Hilco, the owner and operator of the reinvigorated HMV Canada.

“Hilco believes there to be a viable underlying HMV business,” the company explained at the time.

HMV Canada recently reported a successful Christmas retail period, saying that sales topped CAD65 million, 1.1 per cent growth year-on-year.

“The Canadian consumer still wants CDs and DVDs and expects us to deliver them while adding value to their music experience,” commented Nick Williams, HMV Canada’s President and CEO.

The current move to close over 100 branches will see retail spaces become available in prime shopping areas, with Game potentially seeing its plans to snap up branches in key strategic areas come into fruition.

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