HMV UK's Debt Purchased by Retail Restructuring Firm

HMV UK's Debt Purchased by Retail Restructuring Firm
Times have been better for once-thriving retailer HMV, as the company has recently been forced to sell all of its Canadian locations, shut UK stores and shed its Waterstone's book chain. Most recently, reports indicated that the company had gone into administration. Now, however, they appear to be safe as a retail restructuring firm called Hilco UK have reportedly bought all of their debt.

With 4,500 jobs and 247 stores at risk, the purchase of an estimated £176 million (approximately $280 million) is no small matter.

FACT points to a Financial Times article, where experts "familiar with the matter" explain that this takeover "takes the panic out of the situation."

Thankfully, this means Deloitte will no longer be appointed the administrator, and the store could potentially stay open for years to come.