Press Esc to close

HMV stores to be sold to private equity co

London, April 6, 2013, NYT: 22:47 IST
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
Rashtriya Swayamsevak Sangh (RSS) volunteers taking...

Rashtriya Swayamsevak Sangh (RSS) volunteers taking...

Air Chief Marshal BS Dhanoa, Chief of the Air Staff...

Air Chief Marshal BS Dhanoa, Chief of the Air Staff...

SUCI activists stage a protest rally against State...

SUCI activists stage a protest rally against State...

Mick Jagger of the Rolling Stones performs during the...

Mick Jagger of the Rolling Stones performs during the...

Mime artist Ujjal Kar gets ready to perform as Charlie Chaplin...

Mime artist Ujjal Kar gets ready to perform as Charlie Chaplin...

Acid attack survivor Mohi walks the ramp along with...

Acid attack survivor Mohi walks the ramp along with...

People buying Sugar Canes in a market for upcoming...

People buying Sugar Canes in a market for upcoming...

Britain's Foreign Secretary, Boris Johnson, arrives to speak at the Chatham...

Britain's Foreign Secretary, Boris Johnson, arrives to speak at the Chatham...

Actress Katerina Lehou as high priestess, passes the Olympic Flame onto...

Actress Katerina Lehou as high priestess, passes the Olympic Flame onto...

Tamil Nadu coach L Balaji with R Ashwin at BKC...

Tamil Nadu coach L Balaji with R Ashwin at BKC...

Like us on Facebook

Copyright 2017, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523
Powered by Yodasoft Technologies Pvt. Ltd.