New hope for St Albans HMV staff

HMV store on St Peter's Street, St Albans

HMV store on St Peter's Street, St Albans - Credit: Archant

TROUBLED music and film retailer HMV has been thrown a potential lifeline this week when restructuring firm Hilco took over its outstanding debt.

Hilco, which already owns HMV Canada, announced on Tuesday that they were working closely with administrators Deloitte who have been given more time to determine the future of the 92-year-old music chain.

The firm has acquired the debt of HMV from the group’s lenders, including Lloyds and Royal Bank of Scotland, but has not bought the business itself.

Last Tuesday, the day HMV fell into administration, customers reportedly protested outside the St Albans branch in St Peter’s Street and threatened to call the police as gift vouchers were not being honoured.

But at the start of this week it was announced the decision had been reversed following an assessment of the company’s financial position.

HMV has 223 stores in the UK and employs more than 4,000 staff.