to join the CVG community. Not a member yet? Join now!

GAME keen to acquire HMV stores

Up to 45 locations reportedly considered as GAME management approaches HMV administrators Deloitte

UK video game retailer GAME has approached HMV administrator Deloitte over the possibility of acquiring HMV stores.


The exact number of stores in question is yet to be confirmed, but up to 45 stores are reportedly under consideration.

"We will constantly review our property portfolio based on what is available," GAME Retail chief executive Martyn Gibbs told The Financial Times, confirming the firm's management had approached Deloitte.

"I would not rule out any stores that are becoming available, be that through an administration or normal property deals," he added.

Gibbs said the company's Christmas 2012 sales were "ahead of our expectations" and he's confident the firm's target of £20m in earnings will be met by its year-end in July.

HMV UK, which employs around 4500 staff in some 230 stores, entered into administration on January 15 after succumbing to another crucial Christmas of poor sales resulting in the firm's inability to secure terms on various loans. HMV Ireland slipped into receivership a day later.

GAME's bid is said to be 'one of 'about 50 expressions of interest in HMV', reports FT, and HMV chief exec Trevor Moore has said he's "confident" the chain will survive administration in some capacity.

Restructuring group Hilco - the owner of HMV Canada - is rumoured to be among those also considering buying some of HMV's 230 UK stores.