Founded in 1921, HMV is the UK’s original and last remaining nationwide, specialist retailer of audio and visual entertainment products. The business had been facing increasing pressure and declining performance for a number of years. The impact of widespread price deflation, combined with increased competition from large, non-specialist retailers was compounded by rising property costs and the growth of digital entertainment.
HMV entered administration in January 2013. Hilco Capital purchased the group’s debt and acted as agents to the Administrator to ensure the stores continued to trade. Hilco then acquired the business in a £50m transaction in April 2013.