Business Irish

Saturday 20 September 2014

HMV to re-open in its 'spiritual home' creating 35 new jobs

Published 08/03/2014 | 02:30

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HMV on Grafton Street closed
HMV on Grafton Street closed
The former A-Wear site on Grafton Street in Dublin

ICONIC music and entertainment retailer HMV is to re-open on Dublin's Grafton Street.

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HMV confirmed it was re-opening a year after it was forced to close its flagship store, on the premises formerly occupied by stricken retailer A-Wear.

The new music store is expected to open in three months' time and will create up to 35 jobs.

It comes just weeks after rival music store Tower Records expanded with a new store on Dawson Street.

HMV's former flagship store on Grafton Street is now occupied by Spanish clothing label Massimo Dutti.

Hilco Capital, which specialises in buying and turning around struggling businesses, said returning HMV to its "spiritual home" had been a priority for the company.

"We're delighted to have secured this premises," Larry Howard, CEO of Hilco Capital Ireland, said.

"We're looking forward to bringing this iconic brand back to its spiritual home in Ireland," he said.

The 16 HMV stores in the Republic, including the Grafton Street branch, closed in February last year after the company's receiver, Deloitte, decided the business was no longer viable.

The receiver blamed competition from web-based retailers and digital downloads compounded by high rents. Hilco Capital acquired 141 HMV stores in the UK and Ireland in a deal worth an estimated €59m.

The announcement brings the total number of HMV stores in Ireland to seven. Hilco has also launched a bid to buy sports chain Elverys

On February 4 last, NAMA petitioned for an examiner to be appointed to Elverys, after a planned €10m sale to Patrick Rowland and his management group fell through.

Irish Independent

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