Chichester HMV will remain open after rescue deal

C130089-1 Chi HMV  phot kate

C130089-1 Chi HMV phot kate

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CHICHESTER’S HMV store will stay open.

The entertainment store, in East Street, is one of 141 stores around the country which has been bought by Hilco UK, a retail restructuring company.

After news broke this morning of the rescue deal, a spokeswoman from Hilco confirmed that the Chichester branch was one of the 141 stores.

Hilco today completed the acquisition of the business from its administrators Deloitte.

It is estimated 2,500 employees work at the 141 stores.

Paul McGowan, CEO of Hilco, said: “We have spent a number of weeks negotiating revised terms with landlords and the key suppliers to the business, all of whom have been supportive of our plans to maintain an entertainment retailer on the high street.”

“We hope to replicate some of the success we have had in the Canadian market with the HMV Canada business which we acquired almost two years ago and which is now trading strongly.

“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.”

The HMV UK business will initially be led by a Hilco team working alongside existing management.

One of the team’s leaders, Ian Topping, said: “This is an exciting investment for the Hilco team and we will be able to use some of the developments already progressed in Canada to restore HMV to health.

“We intend to reverse the earlier decisions to sell tablets and other devices in the stores and to reclaim the space for an enhanced music and visual range.”