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Business News HMV Timeline Retail
Four supermarkets and pound shops amongst those bidding for HMV stores
By Chris Cooke | Published on Wednesday 6 February 2013
Four supermarket chains are thought to have put in bids for some of HMV’s stores, administrators Deloitte having set last Friday as a deadline for bids from those companies interested in taking over some of the flagging entertainment retailer’s shop unit leases for their own operations.
It was already known that Morrisons had its eye on some of HMV’s high street bases as it pursues a growth strategy for its Tesco Metro competing convenience store network. According to the Independent, Tesco has also expressed an interest in 20 HMV sites, Sainsbury’s 25 and Iceland 50.
River Island and Topshop owner Arcadia are also thought to be bidding, while some lucky HMV customers may see their local store replaced by new branches of Poundland and 99p Stores. Well, they sometimes sell CDs don’t they, and who wouldn’t want 100 Greatest TV Themes for a pound?
As previously reported, administrators are expected to announce the closure of up to 100 HMV stores as soon as this week. It’s still thought that Hilco, owners of HMV Canada, will acquire the HMV brand and takeover a streamlined network of stores around the UK.
Meanwhile one of the Deloitte men overseeing HMV’s administration has confirmed the previously reported sale of the G-A-Y brand and venues to its founder Jeremy Joseph. HMV acquired the G-A-Y business through its takeover of the MAMA Group in 2010, but it wasn’t part of the MAMA management buy out last year.
Confirming the sale of G-A-Y to Joseph, a deal which should safeguard about 200 jobs, joint administrator Rob Harding told reporters this week: “We are pleased to have completed the sale of HMV’s shareholding in G-A-Y to the natural purchaser”.
