Posted on March 12, 2013 AT 04:54am
U.K. supermarket chain Asda is considering a deal to buy HMV and its stores, according to a new report.
The Sun is reporting that Asda (owned by Walmart) is looking at taking on the entire HMV brand and its remaining stores. A source from the City has told the newspaper that a deal has to be struck within a fortnight for it to happen, this is the deadline for a huge rent bill that HMV owes.
A move like this would give Asda a lot of power in the U.K.’s entertainment sector and would probably result in HMV mini-stores springing up in its supermarkets. At the moment the favorite to take over the business is Hilco, the restructuring company that took on HMV Canada’s debts.
Both Asda and administrator Deloitte refused to comment on the matter.
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