NOTTINGHAM'S two major music shops have been saved after a deal to buy HMV was agreed.
Restructuring group Hilco today announced it had bought HMV in a deal that saves more than 2,500 jobs and keeps 141 stores open.
The 132 HMV stores to stay open include the one in the Victoria Centre, while all nine UK Fopp stores - including the one in Queen Street - have also been saved.
Announcing the deal, 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."
HMV went into administration in January.
At the time, 25 people worked at HMV in Nottingham, and around ten at the city's Fopp store.
