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GAME interested in purchasing HMV stores

BusinessNews
by Oluseun Alufa
, 18 Jan 2013News
GAME interested in purchasing HMV stores

GAME is either trying to profit from the misfortunes of its high street competitor or is extending a helping hand, as it has reportedly made enquiries over the purchase of an estimated 40-45 HMV stores.

According to the Financial Times, GAME chief Martyn Gibbs has expressed his interest to the embattled music store’s administrator, Deloitte.

GAME itself survived administration after being purchased by the former owners of not-so-lucky Comet, OptCapita. The video game retailer has apparently rebounded from its bout of fiscal turmoil, which claimed 2,000 jobs, and is set on once again expanding its operations as Christmas trading was “ahead of our expectations”.

“We will constantly review our property portfolio based on what is available,” said Gibbs.

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

However, the prospective deal is not expected to go through uncontested. Hilco, owners of the Canadian HMV branch, is likely to make a bid for any available properties alongside private equity groups Better Capital and Endless, and investment firm Oakley Capital.

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