Lincoln jobs saved as Hilco buys HMV

After long negotiations, Hilco UK has bought the remaining HMV UK stores, which includes the shop on Lincoln High Street.

HMV went into administration early in the year, threatening jobs in the city. A number of stores were closed down, including some stores in Lincolnshire.

HMV blamed poor sales in the run up to Christmas for its problems, plus growing competition with the online market.

However, Hilco, which also owns HMV Canada, initially took over the entertainment store’s debt in order to help remaining shops find a buyer.

Now, Hilco will take on the remaining 141 shops from HMV’s administrators, Deloitte.

Joint administrator Nick Edwards said: “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.

“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.”