MK HMV part of new rescue package

thecentre:mk
thecentre:mk

HMV’s Milton Keynes branch will stay open after being included in the company’s rescue package.

Restructuring company Hilco, which already owns HMV Canada, purchased 132 branches of the music retailer and all nine branches of HMV-owned retailer Fopp for a reported £50million fee.

And thecentre:mk branch of the retailer, which has already survived two rounds of cuts, will be included as part of the deal.

Hilco chief executive Paul McGowan said: “The structural differences in the markets and the higher level of competition in the UK will prove additional challenges for the UK business, but we believe it has a successful future ahead of it.”

Another Hilco executive said the new HMV is likely to re-focus on selling music and video after the recent shift towards selling tablets.