PCR Tech and IT retail, distribution and vendor news
Hilco is set to close around half of HMV’s stores in an attempt to keep the brand on UK High Streets.
The move was reported by The Daily Mail, which highlights the firm is looking to streamline in the brand to ensure its survival.
The firm, which also owns HMV Canada, moved to buy out £176 million of the struggling retailers debt last week in order to take control of the iconic brand – a move that mimics the strategy the restructuring firm adopted in 2011 as it saved HMV Canada.
Whilst the move has provided new life for the brand, it has certainly come at a price as HMV is set to lose closet half of its 223 stores across the UK.
However, the move would likely pave the way for fellow High Street retailer to swoop in and take a number of the retailer’s location off its hands.
GAME has already enquired about the possibility of taking on up to 45 HMV stores as it continues to fight back following its own battle with administration in March last year.
Want to receive up-to-the-minute tech news straight to your inbox? Then click here to sign up for the completely free PCR Daily Digest and Newsflash email services. You can also follow PCR on Twitter and Facebook.
