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Asda in talks to buy HMV brand - report

Tom Pakinkis
HMV

Asda has been in talks with HMV administrator Deloitte to buy the entertainment retailer’s brand and remaining 120 stores.

That’s according to The Sun, which quotes a City source as saying that the supermarket giant has been looking at the prospect of buying HMV.

“And it’s not about taking on a few stores to convert into supermarkets,” the source is quoted as saying. “They’ve been looking at taking on the brand – the business”.

Experts tell The Sun that Asda – owned by US firm Wal-Mart – would have to strike a deal for the business within a fortnight, when HMV faces a huge rent bill.

Asda would likely face a battle with retail restructure firm Hilco if it were to swoop for HMV. The company seized effective control of the retailer upon its collapse and, according to reports at the beginning of the month, is in talks to buy 130 HMV stores itself.

Hilco also owns HMV Canada after buying the arm in 2011 for £2 million.

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Tags: HMV, Retail, Asda

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