Staff at crisis-hit HMV – including its flagship Birmingham city centre store – have been thrown a lifeline following a £50 million rescue.
The welcome news will see over 2,600 jobs saved.
Staff at a string of stores across the West Midlands, including the Birmingham Bullring outlet and Merry Hill, Wolverhampton, Leamington Spa and Coventry, have been rescued from redundancy after weeks of uncertainty.
The West Midlands HMV stores are among a total of 141 bought by restructuring firm Hilco nearly three months after the struggling music retailer collapsed into administration.
But stores at Birmingham’s Fort Shopping Centre, in Erdington, Tamworth, Walsall, Burton-on-Trent and Telford, are not part of the rescue package.
Under the sale, 141 HMV stores and the group’s head office and distribution functions are transferred into the new ownership, securing 2,643 jobs.
Nick Edwards, joint administrator with Deloitte, 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.
“We wish the Hilco UK and HMV teams every success with the business.
I would like to thank all those stakeholders that have worked with us during the administration, but, in particular, the staff, suppliers and landlords for their support in making this deal possible.”
HMV operated 222 stores, of which 81 have closed. Hilco, which already owns HMV Canada, has bought the high street chain from administrator Deloitte, reportedly paying £50 million for the DVD and CD retailer.
The company has negotiated revised terms with landlords and key suppliers.