This morning Hilco UK tied up a deal for struggling High Street retailer HMV, a deal that means 141 stores are to remain open. Good news for retail, and for the company's 2,500 staff members.
Joint administrator Nick Edwards said: "We are delighted to have completed the sale of HMV's UK retail business to Hilco UK. The sale of the restructured portfolio secures the employment of 2,643 staff, saves one of the world's most iconic retail brands and provides a solid financial footing on which the business can be taken forward."
Hilco bought HMV's debt earlier this year, effectively giving them control over the business, but now that the deal has finally been concluded, the company can move on without the shadow of imminent closure looming over them.
Hilco CEO Paul McGowan said: "We have spent a number of weeks negotiating revised terms with landlords and the key suppliers to the business, all of whom have been supportive of our plans to maintain an entertainment retailer on the High Street."