132 HMV stores and nine Fopp outlets in the UK have been saved - at least for the time being - with Hilco officially announcing the acquisition of the High Street entertainment retail brands.

The restructuing specialist has also confirmed that it is in negotiations with a numbers of landlords with a view to re-establishing HMV in the Republic of Ireland.

Approximately 2,500 employees will keep their jobs as a result of the buyout. The HMV UK business will initially ...