HMV Apply For Administration

[Mrluvaluva]

HMV is holding a massive sale from Saturday after admitting it could breach crucial banking conditions at the end of January.

The 25% Blue Cross Sale on CD’s, DVD’s, Blu-rays, box sets and games across 230 stores and online comes just weeks after the traditional Boxing Day sale.

Last month the company admitted it is likely to breach its banking covenant - throwing the entertainment retailer's financial future into doubt.

A failure to fulfil lending requirements often signals a company is close to administration, retail analyst Robert Clark told Sky News.

"A lot becomes clear after Christmas - the sale suggests that they didn't have a good one and are trying to reel in as much cash to tie things over," he said.

"I’m not sure how much time they’ve got. I don’t think they’ll be able to sway their bankers. Financial institutions are less likely to show patience in this climate."

But HMV’s chief executive Trevor Moore said in December that closing more stores or placing the business into administration was not "part of our plan" and that the firm was in "constructive discussions" with banks about its performance.

HMV spokesman Gennaro Castaldo told Sky News the Blue Cross Sale was not unusual for this time of year.

"Normally we'd look to run a multi-buy campaign of some kind at this time of year, but we thought we'd freshen our promotional mix up a bit and try something a bit different that will hopefully stand out from all the other sale offers on the high street right now," he said.

The retailer has taken a huge hit in the face of competition from online retailers like Amazon and Play.

But analysts argue that HMV has failed to reinvent itself in the last 15 years and invest in its stores to keep up with the modern technology revolution.

In December, despite numerous promotions,it announced total sales had fallen 13.5%, while like-for-like sales were down 10.2% in the six months to October 27.

HMV reported a loss before tax of £37.3m - an improvement on the £48.1m loss over the same period the year before. But net debt at the 91 year-old company increased from £163.7m to £176.1m.


Sky (http://news.sky.com/story/1036367/hmv-sale-price-cuts-ahead-of-bank-deadline)


Better be up early...It's not looking good future wise though.

[Brother Leon]

Looks like I will be buying some games and Boxsets then.

[Shaun]

:amazed: shall head down once I get unpacked in Bath...

[michael21]

so if some thing cost £10 what will it be now

[Mrluvaluva]

so if some thing cost £10 what will it be now

More than £7.49, but less than £7.51.

[Marc]

EVERYBODY GET SHOPPIN'

x

[Beastie]

*goes to HMV*

[Black Dagger]

Urgh. Why couldn't it be next Saturday when I have all my birthday money :bored:

[Mrluvaluva]

Urgh. Why couldn't it be next Saturday when I have all my birthday money :bored:

Apparently the sale will last for a month.

[michael21]

*goes to HMV*

*goes to rob your house*

[Marc]

Urgh. Why couldn't it be next Saturday when I have all my birthday money :bored:

Plugging your birthday :bored: shameful

[Mrluvaluva]

Anybody get any bargains today?

[Black Dagger]

Plugging your birthday :bored: shameful

Shush.

But no, I did go into town but forgot to go in :sad:

But if it lasts a month then yay :amazed:

[Shaun]

Went there today but there weren't any deals that really caught my eye... probably because I was exhausted from travelling, and the Bath branch was packed... couldn't really move in there.

[Kizzy]

Timed it for when student loans come in.... tut tut

[Brother Leon]

Got Skullcandys for a tenner. Happy with that :)

[Harry!]

The weekend I bought some things in HMV but they were not on the Blue X sale. I had a HMV gift card for Xmas.

[Harry!]

Some sad breaking news. It is said that HMV have been having talks today about the future of the company. These talks have been unsuccessful. Rumoured to be consulting administrators. If true it is very sad. It is my favourite shop.

http://news.sky.com/story/1038002/hmv-board-in-crisis-talks-over-chains-future

[Matt]

Set to go in to adminstration tomorrow

HMV is to appoint administrators tomorrow morning. I'm told Deloitte will move in after business attempts to turn the company around have failed.

http://www.itv.com/news/update/2013-01-14/hmv-to-appoint-administrators-tomorrow/

Got everything crossed that it can be saved :(

[Jack_]

Not HMV, please :bawling:

[King Gizzard]

:(

Sadly Amazon/play is a much more convenient way of browsing and buying these days. I still like going to browse the one in Norwich though

I'd say HMV surviving is quite a bit more important than Game surviving (unless you're a employee there of course) HMV do alot of games/accessories these days for Games

[Shaun]

Noooooo :( I'll have nowhere to shop.

[Iceman]

:(

Sadly Amazon/play is a much more convenient way of browsing and buying these days. I still like going to browse the one in Norwich though

I'd say HMV surviving is quite a bit more important than Game surviving (unless you're a employee there of course) HMV do alot of games/accessories these days for Games

They're going soon too.

Also a bit more info:

HMV will appoint administrators Deloitte tomorrow morning (January 15), it has been reported.

Attempts to save the troubled music retailer, which has over 235 stores and more than 4,000 employees, have failed.


© Rex Features

© Nintendo


HMV's board of directors are said to have met this evening to discuss their options, with hopes that the firm's lenders or another party would come to the rescue.

The news comes just days after photography retailer Jessops was forced to close all its 187 UK stores.

HMV is currently run by Trevor Moore, who only recently took over as chief executive after leaving Jessops.

More to follow.

[Me. I Am Salman]

:(

[Shaun]

wow, Trevor Moore certainly has the Midas touch...

[AnnieK]

There will no such thing as a high street soon.....

[Black Dagger]

I am not impressed. :bored:

I still have gift vouchers from Christmas :hmph:

[Doogle]

I have to revise this weekend but I think this sale is more important

[Shaun]

unlikely it'll be there at the weekend tbh dylan, skip school tomorrow :idc:

[Iceman]

I remember the mega wipeout sale when Virgin shut down here, hopefully will get some bargains :D

[Doogle]

unlikely it'll be there at the weekend tbh dylan, skip school tomorrow :idc:

I'm going to the hospital about my poor breathing tomorrow morning so I might go before I head back to school :amazed:

But :sad: it can't go

[King Gizzard]

I'd feel too bad to go in there just for closing down sales

[Iceman]

I wont theres this smug ****er in the main HMV im gonna go in and ask can I preorder loads of **** and when he says no we're closing imma LOL hard in his face

[Locke.]

HMV is a lot dearer than other places anyway, but it is pretty much the only shop that isn't unbelievably boring to go into.

Much preffered Virgin and Zavvi though.

[Black Dagger]

They should open Amazon stores tbh.

I'm just hoping it gets saved, wasn't Game going into administration last year and it got saved?

[arista]

Virgin France stores also in Admin now

http://www.bbc.co.uk/news/business-20965566

[King Gizzard]

Not looking good, the meeting has already finished

[Shaun]

Apparently Waterstones is soon to follow, 20 of their stores are shutting.

[King Gizzard]

bet theres gonna be a fail attempt at an amazon boycott :laugh:

[King Gizzard]

HMV in the 60's

http://www.voicesofeastanglia.com/2011/06/inside-the-oxford-street-hmv-store-in-the-sixties.html

http://farm5.static.flickr.com/4147/4951158024_a3e4b37856_z.jpg

[GypsyGoth]

That's a shame, about three or four years ago it was a nice shop to go into. Also it's a pity about Waterstones, although I much prefer 2ndhand bookstores.

[Black Dagger]

Apparently Waterstones is soon to follow, 20 of their stores are shutting.

Urgh ffs.

I love Waterstones :sad:

[bbfan1991]

Damn:(.

[SSL2012]

They're out of touch like most retail stores, they need to compete against online outlets, price match and all that.

They still think customers are too naive to look elsewhere/online. So charge more in the hope the customer will pay because they can't be bothered to order online or go elsewhere etc. Quite clearly they're wrong...

[bbfan1991]

HMV is a lot dearer than other places anyway, but it is pretty much the only shop that isn't unbelievably boring to go into.

Much preffered Virgin and Zavvi though.

Virgin and Zavvi were ace!

[Harry!]

I am a dedicated HMV customer. I own over 50 bags. I will be so sad if it goes.


https://pbs.twimg.com/media/BAmgdOuCAAA5HXX.jpg

[King Gizzard]

#HMV says its stores will "continue to trade" while administrators seek a buyer, but trading in shares is suspended http://bbc.in/1034iIR


steve hawkes ‏@steve_hawkes

HMV collapse confirmed, they were worried they would be trading insolvently so in comes Deloitte, shares suspended

[King Gizzard]

#HMV says its stores will "continue to trade" while administrators seek a buyer, but trading in shares is suspended http://bbc.in/1034iIR


steve hawkes ‏@steve_hawkes

HMV collapse confirmed, they were worried they would be trading insolvently so in comes Deloitte, shares suspended

[Me. I Am Salman]

I've always wanted a part-time job in HMV. Now it'll never happen :bawling:

[Black Dagger]

What does that mean, so can I wait until Friday until I use my vouchers?

[Marc]

I am a dedicated HMV customer. I own over 50 bags. I will be so sad if it goes.


https://pbs.twimg.com/media/BAmgdOuCAAA5HXX.jpg


Bags fall apart eventually though

[GypsyGoth]

I've always wanted a part-time job in HMV. Now it'll never happen :bawling:

You could be the owner if you like, it'd probably cost you a £1.

[Iceman]

I am a dedicated HMV customer. I own over 50 bags. I will be so sad if it goes.


https://pbs.twimg.com/media/BAmgdOuCAAA5HXX.jpg


Horrific for the environment.

[Harry!]

Horrific for the environment.

Luckily I will be storing them and will not dispose them.

[Me. I Am Salman]

You could be the owner if you like, it'd probably cost you a £1.

a part time job is fine :)

[Mrluvaluva]

Asda and Tesco have said that if you bought an HMV gift card from one of their stores and have proof of purchase, such as a receipt, you can exchange it for one of their own.

[Iceman]

Nightclubs, Gamestops and Restaurants over here are taking them, over 100 stores I read somewhere.

[Shaun]

Video games retailer Game has expressed an interest in buying HMV, according to reports.

Administrators Deloitte, who were called in to administrate the collapsed retailer on Tuesday (January 15) putting 4,000 jobs at risk, says it has received over 50 expressions of interest in HMV. These include a "broad range" of parties including wealthy individuals, private equity groups and Game – which is targeting as many as 50 shops, The Telegraph reports.

Nick Edwards, joint administrator for Deloitte, told the newspaper that it is "too early" to say whether a deal can be struck to rescue HMV, but that the amount of interest represents "good numbers".

Despite the prospect that the retailer could be saved, Deloitte has no plans to start honouring gift vouchers – which has sparked condemnation from music fans unable to spend their gift cards, many of which will have been received as Christmas presents.

Yesterday, Conservative MP Sir Tony Baldry said HMV bosses were committing theft by continuing to sell vouchers when they must have been aware that "there was little prospect of those vouchers or gift cards ever being redeemed".

Meanwhile, staff at the retailer's two stores in Limerick, Ireland staged a sit-in, saying that they were attempting to secure wages owed to them, including holiday pay and money they earned over Christmas.

Light at the end of the tunnel I guess, but I'd rather it was more music-oriented :(

[King Gizzard]

Didn't they ultimately collapse because they had too many stores..

[Iceman]

There's a few HMV's who are having sit in's here.....they're getting quite a lot of media exposure too...

[Shaun]

They sold off Gamestation, and apparently are doing quite well again now. Can't imagine that'll last long.

[Iceman]

Oh sorry didnt read that last paragraph....woopsie

[King Gizzard]

HMV could somewhat do really well again with a smart buyer, and trying harder to match Amazon with prices

It's weird cause HMV is always packed whenever I go in there

[Vanessa]

It's the end of an era. I've been going to HMV for such a long time! :bawling:

[Shaun]

They really need to improve their online service... they offer free delivery which is good, but the website is difficult to negate and isn't really modern.

[Iceman]

And they dont have a euro converter :bored:

[King Gizzard]

the HMV speed of delivery is the best for me

can't believe play has died as well, Amazon really don't have any rivals anymore so it would be good if HMV survived and improved their online service

I don't really have any sympathy for Blockbuster when they could have easily rivalled Lovefilm/Netflix with an online service with the amount of customers they already have

[Iceman]

the HMV speed of delivery is the best for me

can't believe play has died as well, Amazon really don't have any rivals anymore so it would be good if HMV survived and improved their online service

I don't really have any sympathy for Blockbuster when they could have easily rivalled Lovefilm/Netflix with an online service with the amount of customers they already have

Yeah I loved Play. :(

[Iceman]

All shops have now been vacated and an agreement has been handed to Limerick from the receiver Deloitte stating all money due will be paid to staff next week.

What more can be said about the heroes who left their families and sat in our shops

Thank you all so much for the outpouring of support and love , and this is just the beginning not the end .

HMV Staff Ireland

Happy they got what they were owed.

[Me. I Am Salman]

heroes? :suspect:

[Iceman]

Yeah bit OTT alright

[Maia]

Play.com hasn't died has it? :suspect:

[Black Dagger]

Play.com hasn't died has it? :suspect:

It's still classed as Play.Com but it;s a different company now called Radouken. I don't think they do bargains like they did :sad:

[Maia]

Oh yeah, it still seems pretty much the same though, never really noticed a change just thought they revamped their website :tongue:

[Stu]

They're out of touch like most retail stores, they need to compete against online outlets, price match and all that.

They still think customers are too naive to look elsewhere/online. So charge more in the hope the customer will pay because they can't be bothered to order online or go elsewhere etc. Quite clearly they're wrong...
Repped.

If record companies are willing to accept a few quid profit on downloading music what's HMV's problem with charging 17-21 euros - whatever that is in your crazy Queen money - for a new album? Printing CD's and manufacturing jewel cases doesn't cost that much.

Years now of making a mug of their customers and they still couldn't make a mint. It's the sign of a failed, shitty business model

It's sad to see a good browsing spot gone from the high street. I would love to have grown up in that age where record labels and stores were as important as the artists you were buying, but it's not happening. It's also sad to see so many of my friends out of work. I worked there for awhile and it's an awesome little job to have when you're in your early twenties being up to your neck in CD's and DVD's all day.

The focal point of our town is seemingly Dealz now. And that's a-okay with me. Cheap Toblerones are way more important than getting Drive, Brick and Planet Terror for a million quid.

[SSL2012]

Repped.

If record companies are willing to accept a few quid profit on downloading music what's HMV's problem with charging 17-21 euros - whatever that is in your crazy Queen money - for a new album? Printing CD's and manufacturing jewel cases doesn't cost that much.

Years now of making a mug of their customers and they still couldn't make a mint. It's the sign of a failed, shitty business model

It's sad to see a good browsing spot gone from the high street. I would love to have grown up in that age where record labels and stores were as important as the artists you were buying, but it's not happening. It's also sad to see so many of my friends out of work. I worked there for awhile and it's an awesome little job to have when you're in your early twenties being up to your neck in CD's and DVD's all day.

The focal point of our town is seemingly Dealz now. And that's a-okay with me. Cheap Toblerones are way more important than getting Drive, Brick and Planet Terror for a million quid.

I agree completely with ya :)

When their business plan was failing 2 years ago and they were applying for lenders etc to invest. HMV should of done a massive advertising campaign for around a month, on the main networks stating a price match, with special offerson some products, and something like a loyalty scheme. They would of took a big share out of amazon's profits...

[Bollo]

This makes me so sad, although I understand why as most people download music online now. But I loved going into HMV and flicking through CD's as on the odd occasion they would have that rare album that i could not find elsewhere....

[Mrluvaluva]

The UK's three major record labels have reportedly assembled a rescue package to help HMV.

Sony Music, Universal Music and Warner Music have allegedly cut the price of their CDs and DVDs to help the struggling high street retailer, which went into administration last week (January 15).

The labels have also granted the outlet generous credit terms to ensure HMV survives the administration process and to maintain a consumer entertainment presence on the high street.

The move is to prevent overly competitive pricing from supermarket chains and online retailers, which usually offer CDs and DVDs for a fraction of the RRP.

"They don't want their only choice to be Tesco or Amazon," a source told The Sunday Times.

HMV's administrators Deloitte have revealed that they have received over 50 expressions of interest in HMV, including video gaming retailer GAME, who would like to snap up as many as 50 shops.

However, the broadsheet reports that the music and film consortium are believed to favour a deal with Hilco, an investor who specialises in financially troubled consumer businesses.

HMV have confirmed that customers will be able to redeem any gift vouchers in their stores from tomorrow (January 22), after they refused to accept the pre-paid credit after going into administration.


Digital Spy (http://www.digitalspy.co.uk/music/news/a452607/record-labels-assemble-hmv-rescue-package.html)


This is good news if it happens, and they pass the price cuts onto the public. Otherwise there's not much point.

[Me. I Am Salman]

cute

[King Gizzard]

Hopefully if that's the case they don't become the major labels bitches and still continue to support the lesser labels and artists

Most shops are accepting gift cards again so lol @ people who threw them out

[arista]

Hilco has to taken over UK HMV

They own the HMV Canada
which is doing ok.

I hope HMV keep main stores open
and sell even cheaper thanks to Hilco bulk buying.


Ref : SkyNewsHD , BBC News, Bloomberg , Radio 5


http://news.sky.com/story/1041315/hmv-hilco-throws-lifeline-to-retail-chain


Lifeline thrown to HMV as rescue specialist Hilco buys collapsed retailer's debt pile

Read more: http://www.dailymail.co.uk/money/news/article-2266410/Lifeline-thrown-HMV-rescue-specialist-Hilco-buys-collapsed-retailers-debt.html#ixzz2IiTszNq2

http://i.dailymail.co.uk/i/pix/2013/01/21/article-2265849-16F423E0000005DC-420_634x380.jpg


This is the Hilco USA brand
http://www.hilcousa.com/images/HilcoLogo300.gif

http://i.telegraph.co.uk/multimedia/archive/02456/hmv_2456232b.jpg
The Metal Section

[Mrluvaluva]

HMV staff have used the company's Twitter account to reveal workers at the head office and other non-shop employees are being fired.

The staff used the social media service to inform followers that 190 people were being made redundant.

One staff member tweeted: "We're tweeting live from HR where we're all being fired! Exciting!"

The worker, who was apparently using an iPhone, added: "There are over 60 of us being fired at once! Mass execution, of loyal employees who love the brand.

"Sorry we've been quiet for so long. Under contract, we've been unable to say a word, or - more importantly - tell the truth."

The joint administrators from Deloitte later confirmed the 190 redundancies, most at HMV's office in Eastcastle Street, London, with others in its Marlow head office, a site in Solihull and distribution centres in Canning Town, London, and Birmingham.

Administrator Nick Edwards said: "Since our appointment as administrators over two weeks ago, we have been assessing the financial position of HMV.

"Following this review, a number of redundancies at the head office and distribution centres have been made.

"Although such decisions are always difficult, it is a necessary step in restructuring the business to enhance the prospects of securing its future as a going concern."

HMV called in administrators in early January after suffering dismal Christmas sales, which put more than 4,000 jobs at risk at its 223 stores.

[Mrluvaluva]

The administrators of HMV are reportedly preparing to shut up to 100 stores in the struggling entertainment retail chain.

Newspaper reports claim that Deloitte will announce this week plans to close between 60 and 100 HMV stores, as it attempts to slash costs in the business.

Shops will not close immediately, but instead remain open until all their stock has been sold.

A source close to HMV told the paper that the administrators were preparing to move to the "next stage of restructuring".

Should they go ahead, then the closures could result in up to 1,500 jobs being lost.

Deloitte has been locked in talks with Hilco - which has bought HMV's debt - over a strategy that will safeguard the long-term future of the high street retailer.

It is thought that they want to slash HMV's chain of 223 shops in the UK down to between 120 and 160 shops.

Stores earmarked for closure are thought to include one of HMV's two flagship outlets in central London, with the Piccadilly Circus branch thought most likely as it is loss-making.

The Oxford Street store is profitable, although Deloitte could view an Oxford Street address as able to bring a higher price if sold.

Deloitte has not commented on the report.

Digital Spy (http://www.digitalspy.co.uk/tech/news/a456120/hmv-administrator-to-close-up-to-100-stores.html)

[Shaun]

66 stores have been given the axe.

Morning everyone.

As you may be aware, a number of our stores in the UK have been earmarked for closure. This decision has not been taken lightly and, though very sad and regrettable, it is necessary to give HMV the best possible chance of emerging from administration and having a future on the high street.

We'd like to acknowledge the invaluable contribution of affected colleagues, who continue to work with great passion and dedication, and this decision in no way reflects on their considerable efforts on behalf of HMV.

We also sincerely thank our customers in these locations for their valued support over many years, who we hope will continue to shop at HMV.

Stores earmarked for closure are as follows:

Ashton-under-Lyne
Ballymena
Barnsley
Bayswater
Belfast Boucher Road
Belfast Forestside, Bexleyheath
Birkenhead
Birmingham Fort
Blackburn, Boston
Bournemouth Castlepoint
Bracknell
Burton-upon-Trent
Camberley
Chesterfield
Coleraine
Craigavon
Croydon Centrale
Derry
Dumfries, Durham
Edinburgh Fort
Edinburgh Gyle Centre
Edinburgh Ocean
Edinburgh Princes Street
Edinburgh St James
Falkirk, Fulham
Glasgow Fort
Glasgow Silverburn
Glasgow Braehead
Huddersfield
Kirkcaldy
Leamington Spa
Leeds White Rose
Lisburn
Loughborough,
Luton
Manchester 90
Moorgate
Newry
Newtonabbey
Orpington
Rochdale
Scunthorpe
South Shields
Speke Park
St Albans
St Helens
Stockton-on-Tees
Tamworth
Teesside
Telford
Trocadero
Wakefield
Walsall
Walton-on-Thames
Wandsworth
Warrington
Watford
Wellingborough
Wigan
Wood Green
Workington
Wrexham

[arista]

Yes
Sad 66 have to close

[Ammi]

..neither of my local ones are on there so it looks as though they'll be staying open for the moment anyway....

[Black Dagger]

It's a shame that so many stores have had to close, I am glad Stockport's hasn't though.

[Vanessa]

I hope the HMV in Oxford Street stays open. I love that shop! :love:

[Mrluvaluva]

Manchester? Nooooooooooooooooooooooooooooooooooooooooooooooooo ooooooooooo!!!!!!!!!!!!!!!!

Administrators at HMV have announced they are to close the group’s flagship store in Manchester's Market Street, along with three others in Greater Manchester.

The loss-making market street store employs 47 staff, while HMV branches in Ashton-under-Lyne, Rochdale and Wigan will also close, affecting a total 29 workers.

It is expected that closures will take place over the next one to two months and the stores will continue to trade in the meantime.

Nationwide, a total 66 stores have been identified for closure, affecting 930 staff.

The closures leave HMV with 154 remaining stores.

:bawling:

[arista]

I hope the HMV in Oxford Street stays open. I love that shop! :love:


Yes its their best one.
One of the Biggest in the World now
in these Hard Times.

[Vanessa]

Yes its their best one.
One of the Biggest in the World now
in these Hard Times.

It's always jam packed. I love going there to get my cds and dvds! :hugesmile:

[Me. I Am Salman]

I really hope they don't close the Canary Wharf one.. if it does I'll have to travel and well I cba

[Mrluvaluva]

I really hope they don't close the Canary Wharf one.. if it does I'll have to travel and well I cba

If it did close down (although not on the list), there is one at North Greenwich. Canary Wharf is the worst one I have ever been in. It's so small and cramped.

[Me. I Am Salman]

It's so convenient for me though, I can just walk it there. North Greenwich isn't far but I'd have to take a bus :/

[Mrluvaluva]

Worst idea ever...

http://i162.photobucket.com/albums/t277/avulavulrm/HMV.jpg

ffs

[Harry!]

I am glad that the Portsmouth HMV's are staying. I would be devastated if there were no more HMV's in my city!

[Mrluvaluva]

HMV has completely quit the Republic of Ireland with the loss of 16 stores and 300 jobs.

The shops had been put into receivership and the staff temporarily laid off when the company went into administration last month.

HMV management asked for the Ireland operation to be immediately closed down and sold off, but the company today (February 12) confirmed that efforts by Deloitte to find a buyer have not proved successful.

"Since his appointment, the receiver has conducted an assessment of the viability of the company and has actively sought a sale," a statement to the Irish Examiner read.

"The marketplace is very difficult given competition from web-based retailers and digital downloads, compounded by a number of other factors including high levels of rent.

"All stores were loss-making and it was not possible to attract a purchaser."

Staff at two shops in Limerick had staged a sit-in protest over unpaid wages from the entertainment retailer.

Over 60 HMV central office staff including CEO Trevor Moore and marketing director Mark Hodgkinson were made redundant last week.


Digital Spy (http://www.digitalspy.co.uk/music/news/a458273/hmv-quits-republic-of-ireland-300-jobs-lost-as-16-shops-close.html)

[Shaun]

Restructuring specialist Hilco has clinched a deal to rescue music and DVD retailer HMV.

Hilco, which already owns HMV Canada, said it had acquired 132 HMV shops and all nine branches of the Fopp chain in a deal that could save 2,500 jobs.

HMV, the UK's last surviving national music retailer, collapsed in January after months of financial crisis.

It was hit hard by tough competition from online rivals, supermarkets and digital downloads.

No figure has been officially announced, but the deal is believed to be worth about £50m.

Hilco's chief executive, Paul McGowan, said the firm hoped to replicate its success with HMV Canada, which it acquired nearly two years ago and which he said was now "trading strongly".

He added: "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."

Another Hilco executive, Ian Topping, said HMV would be reversing its decision to sell tablets and other devices in its stores, making way for "an enhanced music and visual range".

At its peak, HMV had more than 400 outlets around the world, more than half of them in the UK.

But from 2007 onwards, a series of turnaround plans saw the retailer diversify into other areas, including a short-lived venture into live music venues, without solving its underlying problems.

HMV has been a UK retailer since 1921, when it opened its first shop on Oxford Street in London.

HMV is one of a number of UK High Street names that have suffered since the financial downturn began in 2007.

Woolworths, JJB Sports, electrical chain Comet, bookshop Borders and rival music chains Virgin (later Zavvi) and Tower have all disappeared from the landscape in recent years.

However, retail anlysts suggested the problems that caused the collapse of HMV remain.

"The trouble is that demand for CDs and DVDs is falling," Richard Perks from research firm Mintel told the BBC.

Music fans in many of the UK's cities, towns and suburbs have already seen their local HMV close down, often leaving them without a local record shop at all.

But Hilco's rescue deal will grant a reprieve to the remaining outlets, as well as to the much-loved Fopp chain, which HMV saved from closure in 2007.

Most heartening of all is the news that HMV will now abandon its decision to dabble in gadget retail at the expense of music and movies, since diversification did it no favours on the High Street.

If it keeps its promise to enhance its range of CDs and DVDs, it can reach out to the many customers who still prefer physical product to the virtual kind.

"It's going to [online] streaming and...CDs and DVDs take up a lot of space, the turnover is low, the margin is low and the sales are falling."

But Kim Bayley, director general of the Entertainment Retailers' Association said there was cause for optimism.

"What we think will happen is you will see people using digital for throwaway music, that they may or may not like.

"But when they really want to collect the music and support the artist that they love, they will chose to buy CDs or maybe even vinyl."

Hilco plans to have its own people working alongside existing HMV management in the new set-up.

It said the Hilco team would be led by Mr Topping, formerly chief executive of the furniture retail group Steinhoff in the UK, and Henry Foster, an investment director at Hilco, while Mr McGowan would be chairman of the new business.

Peter Saville, partner at advisory and restructuring firm Zolfo Cooper, welcomed the news of the Hilco deal, describing it as "really positive news" for HMV and the wider UK retail sector.

He added: "Hilco understands the market well and is a seasoned High Street veteran. The news that HMV is to continue trading will also be welcomed by suppliers, as an over-reliance on online channels may be uncomfortable."

However, one property expert, Barry Gross of Berwin Leighton Paisner, raised the possibility that some of the 141 stores saved might not have a long-term future if their leases were not viable.

He said: "Whilst the headline of 141 stores makes for more positive reading than previous expectations, I suspect that the actual number which will ultimately continue to trade will be lower, as landlords refuse to or cannot meet the terms on which the new owner is prepared to accept a lease."

Sad that so many are gone (inc. Torquay :( ) but it's better than nothing...