Press Esc to close
Tuesday 05 May 2015
News updated at 8:44 PM IST
Weather
Max: 33.4°C
Min : 21.6°C
In Bengaluru
Sunny day

HMV stores to be sold to private equity co

London, April 6, 2013, NYT:

Private equity firm Hilco Consumer Capital agreed on Friday to buy more than 140 stores of the British music retailer HMV as part of a rescue deal after the company went into bankruptcy earlier this year.

Hilco, which acquired HMV’s Canadian operations in 2011 for $3.3 million, will buy the music stores across the country for around 50 million, or $76 million, according to a person with direct knowledge of the matter, who spoke on the condition of anonymity because he was not authorized to speak publicly.

Hilco had been the frontrunner to snap up HMV and its well-known trademark of a dog next to a gramophone after it bought the debt of the struggling British music retail chain in January. HMV had outstanding debt of $280 million in October, but had struggled from reduced spending by British consumers who are facing a downturn in the local economy.


Go to Top

Photo Gallery
Mumbai Indians icon Sachin Tendulkar with captain Rohit Sharma before the...

Mumbai Indians icon Sachin Tendulkar with captain Rohit Sharma before the...

People voluntarily donating blood for Nepal victims at a camp organised by National Students Union..

People voluntarily donating blood for Nepal victims at a camp organised by National Students Union..

Nepalese devotees take out a procession on the occasion of Buddha Jayanti in Ranchi on Monday...

Nepalese devotees take out a procession on the occasion of Buddha Jayanti in Ranchi on Monday...

Indian cricket team captain Mahendra Singh Dhoni with his daughter at an event in Chennai on Sunday.

Indian cricket team captain Mahendra Singh Dhoni with his daughter at an event in Chennai on Sunday.

Prime Minister Narendra Modi paying obeisance in front of a statue of Lord Buddha at 'International

Prime Minister Narendra Modi paying obeisance in front of a statue of Lord Buddha at 'International

Evacuated American journalists and Nepalese people from Dhunche onboard an India Air Force (IAF) ...

Evacuated American journalists and Nepalese people from Dhunche onboard an India Air Force (IAF) ...

Aam Aadmi Party's women activists display placards during a protest against Punjab Government over

Aam Aadmi Party's women activists display placards during a protest against Punjab Government over

Tibetan Institute of Performing Arts (TIPA) perform during Tawang festival 2015 in Tawang, Arunachal

Tibetan Institute of Performing Arts (TIPA) perform during Tawang festival 2015 in Tawang, Arunachal

BBMP employee demolishing the buildings with the help of JCB which is illigally constructed on ...

BBMP employee demolishing the buildings with the help of JCB which is illigally constructed on ...

Chennai Super Kings player Suresh Raina plays a shot during their IPL match against Royal Challenger

Chennai Super Kings player Suresh Raina plays a shot during their IPL match against Royal Challenger

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523