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Asda considering making a bid for HMV | News

March 12th, 2013 | by Seán J. Grannum
Asda considering making a bid for HMV | News
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HMV’s collapse into administration has led to 1,500 job losses and a number of store closures with more expected to follow, but it seems that hope could be around the corner as The Telegraph reports that supermarket chain Asda may be interested in rescuing the respected chain.

Asda has held talks with Deloitte, HMV’s administrators, and are interested in buying the actual brand and business as opposed to converting the stores into convenience shops, which Morrisons intends to do with the six stores it bought.

Though retail restructuring group Hilco UK bought off the company’s £176m debt and is thus first in line to acquire the retailer, Asda could launch a late bid to gain control of HMV.

Hilco, which also owns HMV Canada, believes that there is a “viable underlying business” in the company. Hilco have been holding talks with HMV’s suppliers, including film studios and record labels, as their support is essential for the company to continue.