March 12, 2013 11:26

Asda reportedly interested in buying HMV

The Walmart-owned supermarket chain would look to keep the HMV brand alive in its original form

Asda reportedly interested in buying HMV

Photo: PA

Supermarket giant Asda is reportedly looking to put together a bid for high street music retailer HMV.

The Telegraph reports that Asda, owned by US giant Walmart, is ready to make an offer for the business and brand and has spoken to administrators Deloitte about such a deal. Unlike rival supermarket chain Morrisons, who last month purchased six stores from HMV to be converted into branches of their M convenience stores, Asda would look to keep the branches of HMV as they are.

Hilco, who own HMV Canada, are also believed to be interested in purchasing the remaining HMV stores left in the UK following the sale of 103 stores following the company's entry into admission in late 2012.

The total number of job losses at HMV is now coming up to 1,500, and the number of stores marked for closure stands at 103. Last month administrators of HMV announced that an additional 37 stores will close, resulting in the loss of 464 jobs. These include all four Heathrow airport sites. Meanwhile, the retailer is being forced to shut all of its Irish branches - which will result in 300 jobs lost.

Additionally, it was reported that at the time of its collapse, HMV owed £20m in tax.



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