GAME looking to acquire HMV stores
GAME, the British videogames retailer that only just survived administration in early 2012, is interested in acquiring a number of stores in the UK from music, video and gaming chain HMV, currently suffering its own administration woes.
It's a huge turnaround for GAME, as it closed hundreds of its own stores during and after its administration period, with more than 2,000 job losses reported at the time. Now, it seems that the franchise wants to expand again.
Martyn Gibbs, CEO of GAME, confirmed to the Financial Times that he had contacted HMV's adminstrator Deloitte to see if there was an opportunity to take on some of the troubled group's properties.
Although he stopped short of saying how many stores he was interested in, the Financial Times cites an anonymous source, who told the newspaper that there are around 40-45 locations where HMV has outlets and GAME does not.
"We will constantly review our property portfolio based on what is available," said Gibbs. He also claimed that GAME was doing better than projected, especially through the recent holiday period.
GAME is owned by OpCapita, which also owned consumer electronics retail chain Comet, until it closed at the end of last year.