The Company That Owns HMV Canada Rides to the Rescue of HMV UK
A couple of years ago, HMV UK spun off its Canadian operations to a company called Hilco as it tried to salvage whatever it could in the UK, Ireland, Hong Kong and Singapore. While HMV Canada has thrived, the old parent company spun into bankruptcy.
So who’s coming in to pick up a lot of the pieces? Hilco, those same masters who have had such success with HMV Canada.
This new deal is worth £50 million and will save about 2,500 jobs. From The Guardian:
Hilco, the new owner, plans to concentrate on selling music and film and step away from selling consumer electronics. Music labels and film studios, keen to ensure that a major entertainment retailer remains on the high street, are understood to have agreed to support HMV with new supply terms.
The turnaround firm rescued HMV’s Canadian business in 2011 and boosted sales and profits by abandoning diversification into computer games and iPod docks in favour of more lucrative band-branded clothing and coffee mugs branded with the names of artists.
Looks like this colony has something to teach the Empire.