Friday, 18 January 2013

Game Among ''50 Suitors'' With Interest In HMV Takeover

Irish games retailer Game has expressed an interest in purchasing troubled music chain HMV following its collapse earlier this week. Game, however, is one among ''at least 50 parties'' to have shown interest in taking over the entertainment chain.

HMV administrator Deloitte has claimed that the other competitors for the takeover include individual businessmen, other retail chains and investment/private equity firms. Game CEO Martyn Gibbs confirmed the reports, stating that the company had contacted Deloitte regarding an ''unspecified number'' of stores.

HMV's collapse was confirmed on Tuesday following disappointing Christmas sales which led to the company's eventual downfall. The fallout has left over 4,000 jobs at risk and staff in Limerick have taken to a sit-in outside the store in an attempt to secure wages owed to them since before Christmas.

Nick Edwards of Deloitte said that while it's ''too early'' to say whether a deal can be made to rescue HMV from total annihilation, the large amount of interest is promising. However, there are no plans to begin redeeming vouchers for customers which has caused outrage throughout the country with many claiming the retailer has committed theft by selling shop credit which they were aware could not be used in the near future.

Game is certainly an interesting contender in the race to snap up the retailer, as the game company found itself in serious trouble last year, only to be saved by investment firm OpCapita moments before its demise and turned around successfully.

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