UPDATED: HMV saved!

A deal to save 132 HMV stores and 9 Fopp outlets has been agreed today (April 5th). The move will save around 2500 jobs on the UK's High Street.

Hilco, a company which specialises in turning around failing businesses and also owns HMV in Canada, is thought to have spent £50 million to save the chain.

The new bosses have done deals with the music and film industries, who are keen to keep a major high street retailer for their products.

Here's a statement from the new owners:

Hilco has today completed the acquisition of the business and certain assets of HMV, the iconic entertainment retailer, from its Administrators, Deloitte.

The business includes 141 stores, 25 of which had previously been slated for closure by the Administrators, and approximately 2,500 employees. All nine Fopp stores are also included in the purchase. Paul McGowan, CEO of

Hilco 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." "We hope to replicate some of the success we have had in the Canadian market with the HMV Canada business which we acquired almost two years ago and which is now trading strongly.

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."

Ian Topping new Chief Executive commented: "This is an exciting investment for the Hilco team and we will be able to use some of the developments already progressed in Canada to restore HMV to health. We intend to reverse the earlier decisions to sell tablets and other devices in the stores and to reclaim the space for an enhanced music and visual range."

"The reaction of the British public to the administration of HMV shows a strong desire for the business to continue to trade and we hope to play a constructive part in delivering that." Hilco has also confirmed that it is in negotiations with a number of landlords with a view to re-establishing an HMV business in the Republic of Ireland after Receivers there closed the business shortly after their appointment.