Hilco Acquires British Retailer HMV

Hilco U.K. Ltd, which specializes in rescuing struggling retailers, has acquired 141 HMV stores in the UK. The deal, which is valued at approximately 50 million pounds ($76 million), could save 2,500 jobs.

According to different reports, music labels led by Universal Music Group and major music studios are supporting the acquisition.

In the Blu-ray community, HMV was known for selling many exclusive SteelBook releases.

In 2011, Hilco also acquired HMV Canada. According to Jon Copestake, a retail analyst at the Economist Intelligence Unit, "Hilco did actually turn around HMV Canada". Hilco's leaders are hoping to replicate their success in Canada in the much more competitive UK market.