Asda in talks to buy HMV
Asda is in talks to save collapsed entertainment retailer HMV, according to reports.
The Sun has reported that the supermarket giant is in discussions with HMV’s administrators Deloitte regarding a potential bid for HMV’s brand and business.
A source told the newspaper: “Asda has been looking at HMV and it’s not about taking on a few stores to convert into supermarkets. They’ve been looking at taking on the brand — the business.”
Any move to purchase HMV could put Asda in competition with restructuring firm Hilco in a race to buy the business.
HMV went into administration in January after struggling against tough high street conditions and the rise in internet downloads in recent years.
Following the administration, Hilco bought HMV’s debt and is also understood to be in talks with the Deloitte regarding a deal to buy the business. Last month, Hilco worked with Deloitte to secure new trading agreements with HMV’s principal suppliers to enable the retailer to continue selling new film, music and gaming releases.
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