HMV is set to emerge from administration, after being acquired by Hilco. Some 141 stores and 2,643 employees will remain.
The retailer will be led by Ian Topping – the former CEO of Steinhoff Group. Paul McGown, Hilco’s CEO, will become the company’s new chairman.
HMV had 222 stores before its administration in January and the retailer said it might have to close over 100 stores to survive. In total, 132 HMV outlets have been rescued, alongside a further nine Fopp stores.
The new HMV will no-longer focus on tablets and technology, and will instead expand its ‘music and visual’ divisions.
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