According to Rupert Murdoch's British newspaper, 'The Sun', Wal-Mart, the owner of UK Supermarket chain ASDA, is currently in talks with the HMV's administrators, DELOITTE. Previously HILCO UK, a company that specialises distressed retailer sales, have expressed a keen interest in buying HMV's assets and if the reports are true it could be possible that a bidding war erupts with Wal-Mart.
Where the online division has closed, 120 HMV stores still remain open as over 2,400 jobs are held in the balance. Considering that in a fortnights time HMV faces more financial trouble where rent payments due, the administrators are desperate to find a buyer.
Leaked information has indicated that Wal-Mart is not just looking at acquiring the assets for the purpose of turning HMV stores into mini-ASDA's but that they are keen to acquire the brand and business. With the power of Wal-Mart's bargaining power it may just give HMV an edge in competitive acquisition of media and slowly clear HMV's mounting debts. Potentially ASDA stores could merge the HMV brand with in-store media areas to strengthen the ASDA brand and potentially attract more customers.
Currently ASDA and DELOITTE have commented on this issue but what is clear is that HILCO UK has been looking at a £50million deal for acquisition of HMV whilst DELOITTE is discussing closure of a further 110 HMV stores. As a final thought it would be interesting if ASDA does acquire HMV because their prices are far more competitive than what HMV currently offers... Lets just wait and see what happens.
According to Rupert Murdoch's British newspaper, 'The Sun', Wal-Mart, the owner of UK Supermarket chain ASDA, is currently in talks with the HMV's administrators, DELOITTE. Previously HILCO UK...