Despite suffering through its own administration less than a year ago and ultimately closing half of its outlets and letting go a big portion of its staff, GAME is apparently looking to buy up HMV locations in a move to expand current business.
Revealed by GAME boss Martyn Gibbs in a chat with the Financial Times (requires signup), he said that GAME had been in touch with HMV administrator Deloitte, asking for more information. However it isn’t the only one, with upwards of 50 different companies currently looking into whether HMV’s prime high street locations could be put to better use.
“We will constantly review our property portfolio based on what is available,” Gibbs said, when asked about his company’s interest. “I would not rule out any stores becoming available, be that through an administration or normal property deals.”
Of course none of this necessarily means that HMV is going under permanently. However like GAME before it, it’s likely that the least profitable locations will be shut and a lot of staff let go in order to balance the books a little better. It will also require a sizeable investment from someone. Perhaps OPCapita, fresh off the back of its Comet money making could step in and “save” another British firm for a few months?
KitGuru Says: What do you guys think about the future of HMV, is it bright, or will it go the way of several other iconic British high street outlets?