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Restructuring specialist Hilco takes control of HMV

CHANGES: HMV

RESTRUCTURING SPECIALIST Hilco has taken effective control of troubled high street music and DVD retailer HMV after it fell into administration last week.

The firm, which bought HMV Canada for £2million in 2011, bought the chain's estimated £176m debt from Banks Lloyds and Royal Bank of Scotland, reports the BBC.

The move comes after a group of music labels and film studios, including Universal Music, voted in favour of a buyout of HMV by Hilco on yesterday (Jan 21).

It was revealed that more than 4,000 HMV staff could be made redundant following the collapse of the 91-year-old firm, which was forced to begin a shut-down after years of financial difficulty caused by fierce competition from online music retailers.

Fans of the struggling store have called the news "sad" and have taken to social media outlets in droves to mourn the apparent loss of the famous brand.

One commentator said: "Hmv gone bust!? Because everyone illegally watches films and downloads music let's be honest [sic]"

"I tell you what was really ace: going into HMV & seeing a little grey plastic divider with my bands name on it. A moment new bands won't get," said another.

A former HMV employee wrote: "Saddened to hear about HMV as a former employee and customer. I sincerely hope as many jobs as possible will be saved."

"I want to buy HMV and make it survive," one user simply added.

UK rapper Professor Green noted that the chain's impending closure marks the end of music sales in CD format.

He tweeted: "Hmv bankrupt. we may as well just give up on any medium that involves hard copy and get on with it. #sadtimes [sic]."

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