Business Irish

Friday 22 August 2014

HMV to return to Grafton Street after year-long absence

Kirsty Blake Knox

Published 07/03/2014 | 17:51

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HMV Re Opening 333 copy_2.jpg
HMV

ICONIC music and entertainment retailer HMV is to re-open on Grafton Street a year after it was forced to close its flagship store.

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The new store, which will be located on the premises of former fashion retailer A|Wear, is expected to open in three months time and will create up to 35 new jobs.

HMV’s former flagship store is now occupied by Spanish clothing label Massimo Dutti

Hilco Capital, who specialize in buying and turning around struggling businesses, said HMV was finally returning to its “spiritual home”. 

“HMV returning to Grafton Street has been a priority for Hilco Capital, and 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.”

The 16 HMV stores in the Republic 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 Captial acquired 141 HMV stores in the UK and Ireland in a deal worth an estimated €59 million.

The announcement about the new Grafton Street store brings the total number of HMV stores in Ireland to seven.

Today, Hilco launched a bid to buy Irish 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.

There are now a total of six parties in the frame to buy the Co Mayo business, which employs 654 people in 56 stores across Ireland.

Hilco face stiff competition from Sports Direct, which is owned by UK billionaire and Newcastle United owner Mike Ashley, and a group led by Elvery's own managing director Patrick Rowland.

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