Jobs saved as HMV Liverpool stays open

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HMV Liverpool One ©MattyRing/Flickr

HMV Liverpool One ©MattyRing/Flickr

Around 2,500 jobs will be saved at entertainment retailer HMV after it was bought by restructuring firm Hilco on Friday.

After fierce competition from digital downloading and supermarkets, the last surviving high street music chain went into administration in January putting its 223 stores at risk of closure.

It was announced that 66 stores would be closed and 900 job cuts would be made. Closed stores included those in Birkenhead, Speke, St Helens and Warrington.

Hilco, which already owns HMV Canada, bought 140 stores from Deloitte for a reported £50m.

The restructuring firm hopes to replicate the success of HMV Canada with the UK branches by allowing its teams to work with HMV management in order to turn the future of the store around and have also expressed interest in re-establishing the chain in Ireland.

Hilco chief executive Paul McGowan said: “The structural differences in the markets and the higher level of competition in the UK will prove additional challenges for the UK business but we believe it has a successful future ahead of it.”

HMV first opened its doors in Oxford Street in 1921 and at its height of trading had over 400 stores worldwide.

HMV head office told JMU Journalism that two of the HMV stores which will remain open include the branches in Liverpool One and Manchester’s Trafford Centre.

The announcement prompted a number of replies from music and DVD lovers on Twitter who expressed their happiness that the Liverpool One store will remain open.

One user Tweeted:

“Great news that HMV in #Manchester @traffordcentre & #Liverpool have been saved by Hilco. We can still go a music mooching! Joy! Applaud.”

 

About Lauren Kelly, JMU Journalism