News Article

HMV Buyout Saves High Street Retailer

Posted by Thomas Whitehead

The dog's been thrown a bone

In recent weeks we've reported on the worrying fate of the HMV brand in the UK; rather like GAME last year, it went into administration and 81 stores were closed down as the administrators worked to salvage the business. As one of only a few retailers that stocks a relatively substantial range of video games on the UK high street — alongside music, films, books and various devices — its loss would have been damaging to the games industry in the country and meant a high number of job losses.

Thankfully there's been competition for the brand, showing that there's still a marketplace that some businesses feel is worth pursuing. Despite rumoured interest from Walmart-owned Asda, it's now been confirmed that Hilco, the investment company that had already acquired the company's debt, has secured a £50 million deal to obtain ownership and keep the remaining 141 stores open. Joint administrator Nick Edwards has said the following.

We are delighted to have completed the sale of HMV’s UK retail business to Hilco UK.

The sale of the restructured portfolio secures the employment of 2,643 staff, saves one of the world's most iconic retail brands and provides a solid financial footing on which the business can be taken forward. We wish the Hilco UK and HMV teams every success with the business. I would like to thank all those stakeholders that have worked with us during the administration, but in particular the staff, suppliers and landlords for their support in making this deal possible.

Good news all around, especially for those remaining staff.

[via mcvuk.com]

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User Comments (17)

Peach64

#2

Peach64 said:

They'll be back in trouble within a year or two, just like Game. Utterly ridiculous prices in there across all products. They want £30 for some blu-rays that you can buy online for £5. I don't know who'd miss them apart from those with more money than sense. Even in their 25% off sale things were a lot more expensive than they are on Amazon. With the quantities they buy stuff in, they COULD sell things for the same price as online retailers, but they won't because they're greedy.

cuba444

#3

cuba444 said:

HMV are awesome
Got the Wii U premium for £199, its amazing
The store deserves to have survived

misswliu81

#4

misswliu81 said:

interesting news about the buyout. still, the HMV at london's trocadero is gone for good. i still believe that people will prefer to shop online on sites such as play.com and amazon for best deals on games, because they do not want to pay full price for them.

readyletsgo

#5

readyletsgo said:

I love love LOVE HMV, they were the best game shop in Dublin for prices over the past 3 or so years, and now we just have gamestop (booooo!).CEX(meh) Smyths(overpriced).
With this news from the UK, here in Dublin they are planning to reopen the HMV on Henry St as a flag ship store for Ireland all going well, hope its true but they will need to have big chnages I'd say, like less to no more CD's and DVD's, more Tech/Games/Books and other nick nacks like that.

YAY!

hamsterfactor

#6

hamsterfactor said:

Really happy about this, I still enjoy passing the time at HMV browsing and looking for cheap-ish blu-rays.

Danglybits

#7

Danglybits said:

Have they still got that good deal on the Wii U?
I ask at the westfield stratford store last week & I sorry to say the staff were no help (nor was the number to the Oxford Street store they gave me)

AJWolfTill

#8

AJWolfTill said:

Got Layton & the miracle Mask the other day from there for £15 new which seemed like a great deal. They may be pricey on some things but I have bought so much from them over the years that I would be devastated to see them go under.

WesCash

#9

WesCash said:

HMV is absolutely my favourite place to buy blu-rays and CDs. The prices, selection and customer service are fantastic. I'm in Canada though so this might not apply to the UK stores. My local HMV doesn't even sell video games anymore.

Byron-3D

#11

Byron-3D said:

@Pikminboy i agree with her, id never use HMV, massive ripoff, you can find everything they sell online for alot less (apart from there £199.99 WiiU deal)

sikthvash

#12

sikthvash said:

I have to say, prices in Game have got a lot better and their website deals are much better than they were. Just need to work on their delivery / customer service now!
Hopefully HMV can re-kindle good relationships with suppliers and regain some good credit terms. Loyalty schemes need to re-introduced and fleshed out and they need to get into bed with a good digital streaming service that people will actually use.
Hard times are ahead, but I wish the staff and management teams the best of luck for the future.

Kirbic

#13

Kirbic said:

As someone who prefers finding a Physical Game in a store as opposed to a digital copy I can't sell if I get sick of it or a lengthy wait for an online order without being sure of the condition, I'm really glad to hear this news! HMV's one of the main places I check for games and trade in my games to.

Neko_Rukiafan

#14

Neko_Rukiafan said:

Good news, actually I believe that the HMV location in my town is one of only a few in the US, regardless I'm glad things worked out for the employees of the remaining stores! :D

vicviper

#17

vicviper said:

@Peach64 Spot on. They have failed to move with the times and are sadly a rip off on all of the product lines they sell nowadays. You are, indeed, sane.

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