HMV store in Scunthorpe is taken over by Hilco
Scunthorpe's HMV store has been taken over by restructuring specialist Hilco after it snapped up the music and DVD retailer.
Hilco, which already owns HMV Canada, has bought the debt of HMV from the group's lenders, Lloyds and Royal Bank of Scotland.
The debt deal gives Hilco effective control of HMV which fell into administration last Tuesday.
HMV has been hit by competition from online rivals, supermarkets, and illegal music and film downloads.
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The Scunthorpe store, located in The Parishes, was one of 238 facing potential closure if a buyer was not found by administrators Deloitte LLP
HMV's estimated debt was around £176m, but Hilco is believed to have paid much less than this to acquire it because the retail chain is in administration.
Although Hilco does not yet officially own HMV, the debt deal gives it effective control of the music and DVD chain.
Hilco bought out HMV Canada from parent HMV group in 2011 for £2m, and this history means suppliers are likely to give a Hilco-owned HMV in the UK more favourable credit terms.
In Canada, Hilco said the support of HMV's key suppliers had been of "critical importance" to the business's performance.
HMV has a workforce of about 4,000.
Hilco was not immediately available to comment.