HMV Stops the Bleeding and Moves into being Very Profitable According to New Owner Hilco

HMV is again on the rise according to Hilco (new HMV owners) chief executive Paul McGowan calling HMV “very profitable”.

Hilco, which acquired HMV last year, slashed the number of HMV stores from 144 to 125. There are now plans to open four new stores, as well as re-enter Ireland.

HMV’s central overheads have also been reduced from £42 million to £15 million. Work on the HMV revival reportedly still has two or three years to go. Gaming will be a major focus for the retailer for the rest of 2014.

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