Mon, 21 Jan 2013 | ADMINISTRATION
The retailer Game has confirmed its intentions to buy some or all of HMV.
HMV entered administration earlier this month after struggling to adapt to the new internet-dominated trading environment.
Around 50 separate groups are now thought to have expressed an interest in purchasing part or all of the business, of which Game is one.
HMV has a total of 223 UK stores and a workforce of 4,000, so the direction it takes in the future will have a notable impact on the British high street.
Game itself only exited administration last year so its new plans for expansion suggest that its fortunes are looking up.
Deloitte, administrators for HMV, have said that retail restructuring firm Hilco, which owns HMV Canada, is also interested in making a bid for HMV's assets or business.
The news comes as DVD rental firm Blockbuster, which also entered administration this month, announced that it is to close 129 more stores, following the initial closure of 31 shops. The business has a total of 528 stores.
Lee Manning, joint administrator of Blockbuster from Deloitte, commented: “Having reviewed the portfolio with management, the store closure plan is an inevitable consequence of having to restructure the company to a profitable core which is capable of being sold.
“We would like to thank the company's employees for their support and professionalism during this difficult time. We are also grateful to the customers for their continued support.”
This is a unique opportunity to acquire two well-established B2B companies operating across multiple sectors throughout the UK, boasting strong client relationships and secure contracted revenues poised for further expansion.
LEASEHOLD
This is a unique opportunity to acquire a prominent company in a specialist sector with a high barrier to entry, offering integration potential and a cash-generative model with repeat revenue.
This business presents an enticing opportunity with established relationships with blue-chip organisations globally, a strong client retention rate, and the potential for relocation.
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