By Daniel Hunter

Restructuring specialist Hilco has clinched a deal to rescue music and DVD retailer HMV.

Hilco, which already owns HMV Canada, said it had acquired 132 HMV shops and all nine branches of the Fopp chain in a deal that could save 2,500 jobs.

HMV, the UK's last surviving national music retailer, collapsed in January after months of financial crisis.

“HMV lives to fight another day. This is really positive news for the chain and the wider UK retail sector," Peter Saville, partner at Zolfo Cooper, said.

"Hilco understands the market well and is a seasoned high street veteran. The news that HMV is to continue trading will also be welcomed by suppliers as an over-reliance on online channels may be uncomfortable.

"The test now is with the consumer. Following the public’s outcry at the demise of HMV, consumers need to start shopping in the stores again in order to secure its future on Britain’s high streets.”

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