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The Gap Partnership

HMV and Hilco conclude business negotiations

The two companies have agreed a deal for Hilco to take over HMV's Canadian shops.

27 June 2011

Business negotiations have been completed between HMV and Hilco that will see the latter take over 121 Canadian stores.

The agreement means the music chain will get £2 million for its shops and comes as it continues to struggle financially.

Simon Fox, chief executive of HMV Group, observed that the board has decided it is the best course of action at this moment in time.

"The group is focusing on clear and tightly-defined plans for transforming HMV into a broad-based entertainment business," he added.

It comes after the company sold off Waterstone's for £53 million earlier in the year and will allow it the chance to concentrate solely on its UK and Ireland stores.

Negotiation skill could have been needed to secure a resolution that was suitable to both sides.

HMV – which stands for His Master's Voice - has been in operation since 1921, with the first premises located on Oxford Street in London.

Posted by Ron Maverick


 

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