HMV in administration - update |
28 February 2013
HMV Group plc, HMV Music Ltd, HMV UK Ltd, HMV (IP) Ltd and Fopp Entertainments Ltd (together “HMV” or “the Companies”) - in administration - Update
The Joint Administrators of HMV can confirm the sale of HMV’s Hong Kong (six stores) and Singapore (two stores) branches to AID Partners Capital Limited (“AID Partners”), with additional brand rights in China, Macau and Taiwan.
Rob Harding, Joint Administrator, commented: “We are delighted to have completed the sale of HMV’s Asian business and wish AID Partners and the HMV Asia team every success for the future in developing this iconic brand further. Since the broader HMV group entered administration on 15 January, the ongoing support and funding we have received from Hilco, the group's secured lender, has provided sufficient time to allow this sale to be concluded on a solvent basis.”
The Joint Administrators are continuing to pursue interest from parties in licensing the HMV brand in other Asian countries.
Ends
Note to editors:
For further information on HMV Hong Kong and Singapore, please contact:
Corliss Ruggles
T: +852 2837 4719
E: corliss.ruggles@edelman.com
Cynthia Ng
T: +852 2837 4738
E: cynthia.ng@edelman.com
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