50% of HMVs to be saved

HMV may see half of its currently existing stores saved from closure under plans drawn up by Hilco, according to recent reports.

Currently undergoing restructuring, the media retailer will be able to salvage half of its 223 stores in the UK in a bid to ape its Canadain sister company’s successful strategy, reports the Daily Mail.

Additionally, HMV’s salvation could see Jessops returning to the high-street, albeit in the much diminished form of a concession stand within the music, film and games retailer.

After succumbing to mounting debts and falling into administration earlier this month, HMV saw its bill picked up by Hilco, the owner and operator of the reinvigorated HMV Canada.

“Hilco believes there to be a viable underlying HMV business,” the company explained at the time.

HMV Canada recently reported a successful Christmas retail period, saying that sales topped CAD65 million, 1.1 per cent growth year-on-year.

“The Canadian consumer still wants CDs and DVDs and expects us to deliver them while adding value to their music experience,” commented Nick Williams, HMV Canada’s President and CEO.

The current move to close over 100 branches will see retail spaces become available in prime shopping areas, with Game potentially seeing its plans to snap up branches in key strategic areas come into fruition.

James Lee

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James Lee is a freelance writer and analyst with extensive experience in the technology, media and games sectors. For the past few years he has provided content for internationally published industry reports, SEO companies and a variety of news-focused websites. Prior to this, James was responsible for covering news and producing in-depth features for GamesIndustry.biz while occasionally contributing to its sister-site. Eurogamer.net. In addition to this he has contributed to other notable sites such as CVG.co.uk, Edge-Online and DigitalSpy.