Hilco buys HMV’s debt and takes control of retailer

Hilco, which owns HMV Canada, has bought the debt from music, film and games retailer HMV, letting it take effective control on the chain.

The estimated debt for HMV was £176m, although it has been suggested that since the retailer was administration, Hilco did not have to pay this much.

Although Hilco does not officially own HMV now, it can now work with administrator Deloitte on what is best for the retailer.

The announcement comes on the same day as consumers are allowed to use HMV giftcards again.