HMV UK has been saved after specialist restructuring firm Hilco confirmed a buyout of 141 shops from administrators.

Here in Ireland Hilco says it is in negotiations with a number of landlords after receivers closed the business shortly after their appointment. In a statement, Hilco says they are in talks "with a view to re-establishing a HMV business in the Republic of Ireland".

300 workers were let go after HMV closed its 16 Irish outlets. But it is believed this deal could save its outlet on Henry Street in Dublin.

2,500 jobs to be saved

The agreement with British stores means 2,500 jobs there will be saved. The deal is thought to be worth stg£50 (€58.9) million.

The business includes 141 stores 25 of which had previously been slated for closure by the Administrators.

CEO of Hilco Paul McGowan said "We have spent a number of weeks negotiating revised terms with landlords and the key suppliers to the business, all of whom have been supportive of our plans to maintain an entertainment retailer on the High Street".

The HMV UK business will initially be led by a Hilco team working alongside existing management.

Hilco had been the frontrunner to become the new owner of HMV since soon after Deloitte was appointed as administrator at the end of January.

The company has successfully turned around the performance of the Canadian arm of HMV since buying it in 2011.