Business News Deals HMV Timeline Retail

HMV sells Asian shops

By | Published on Thursday 28 February 2013

HMV

HMV’s administrator Deloitte has announced the sale of the company’s small network of stores in Hong Kong and Singapore.

A hang-over from the entertainment retailer’s past international expansion, most of which was subsequently sold off, the HMV Group had six stores in Hong Kong and two in Singapore when it went into administration last month. The stores have been bought by AID Partners Capital Ltd, who will seemingly continue to operate the small chain as a going concern. The same company has also bought rights to use the HMV brand in China, Macau and Taiwan.

Administrator Rob Harding told reporters: “We are delighted to have completed the sale of HMV’s Asian business and wish AID Partners and the HMV Asia team every success for the future in developing this iconic brand further. Since the broader HMV Group entered administration on 15 Jan, the on-going support and funding we have received from Hilco, the group’s secured lender, has provided sufficient time to allow this sale to be concluded on a solvent basis”.

Hilco, which already owns HMV Canada, and acquired most of the British business’s debts once it was in administration, seems most likely to takeover the HMV UK company. The HMV brand is already controlled by a third party in the Japanese market, and it is thought Deloitte is also talking to other companies interested in acquiring the rights to use the trademark in other especially Asian territories.



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