British music retailer HMV rescued by US-based Hilco

LONDON (AFP) - Troubled British music retailer HMV has been rescued by US restructuring fund Hilco, which said on Friday that it had acquired all 141 of the group's stores for an undisclosed amount.

The deal could save 2,500 jobs at Britain's last surviving national music retail chain which has been hit hard by fierce competition from online rivals and supermarkets.