Tag: Hilco

Hilco to cut another 400 jobs at HMV

hmv-administrationHilco, the new owner of HMV, is planning to cut 400 jobs at the troubled entertainment retailer. The Times reports that Hilco is looking to save as much as £7.8 million from its annual payroll and the latest round of cuts is just one in a series of cost cutting measures.

An internal memo to HMV staff listed the positions earmarked for layoffs. Although Hilco did not say exactly how many jobs will be cut, the memo states that three positions in most of HMV’s remaining 141 stores will go, which amounts to about 400.

Security guards will be among those dropped in nearly all stores, except those in “high risk” areas. Cashiers in more than 100 stores will also lose their jobs, along with supervisors. It seems that part-time staff will eventually account for about 50 percent of HMV’s total workforce.

Hilco scooped up HMV earlier this year and it apparently plans to focus its revival efforts on 141 stores, employing around 2,500 souls. However, the future of dozens of stores across the country has already been sealed.

HMV to be aquired by Hilco

hmv-administrationTroubled HMV has grabbed a lifeline from Hilco buying it out.

The store, which went into administration earlier this year, putting thousands of jobs at risk, has been rescued by specialist restructuring firm Hilco in what is believed to be a £50 million deal.

Hilco now has 132 HMV stores, and nine branches of the Fopp chain. It is expected up to 2,500 jobs could be saved.

The chain is expected to be run by a combination of HMV and newly-appointed Hilco executives, while suppliers are also rumoured to have gone running back to the company offering new terms and given a positive nod to the deal.

HMV could be in safer hands with Hilco already having experience with the brand in Canada, which it bought two years ago.

The purchase rumours emerged a after Jessops was saved by Peter Jones.