Hong Kong private equity firm buys HMV’s Asia stores

 
Kasmira Jefford
Follow Kasmira
AID Partners, a Hong Kong-based private equity firm, has agreed to buy HMV’s business in Asia for an undisclosed sum.

Deloitte, the collapsed music chain’s administrators, yesterday said Aid has bought HMV’s six stores in Hong Kong and two in Singapore, with additional brand rights in China, Macau and Taiwan.

The business generates annual sales of more than £25m. It also runs an online site in Hong Kong.

The Asia stores are the first to be successfully sold since the retailer entered administration in January.

Deloitte has so far announced that 103 stores out of HMV’s 220 store portfolio will close over the next two months once stock has been liquidated, affecting around 1,400 employees.

Deloitte has been working alongside restructuring specialist Hilco, which bought HMV’s debt, amid hopes of finding a buyer for the 92-year-old entertainment business.

The advisory firm said it is continuing to pursue interest from parties in licensing the HMV brand in other Asian countries.