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US Group Hilco Rescues HMV Music Retail Chain

The U.K. arm of U.S. restructuring specialist Hilco on Friday said it has secured a deal to rescue HMV, Britain's last remaining high street music retail chain.Hilco, which already owns HMV Canada, said it had acquired 132 HMV shops and all nine branches of the Fopp chain from Deloitte, the collapsed group's administrators, for an undisclosed sum, potentially saving 2,500 jobs. Reports say the transaction is worth 50 million pounds ($75.7 million)."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," Hilco CEO Paul McGowan said.Hilco emerged as a front-runner to buy HMV, which also specializes in films and video games, after it acquired the group's debt in January, soon after the chain went into administration with around 230 stores and 4,000 staff.The 92-year-old iconic retailer, famous for its Nipper the dog trademark, has seen music and film purchases throu...

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