HMV Asian stores sold

The administrator of UK’s collapsed HMV group, Deloitte, has sold the collapsed British entertainment retailer HMV stores in Asia to private equity company AID Partners Capital, reports RetailWeek.

The purchase include six stores in Hong Kong, two in Singapore and brand rights in Macau, Taiwan and China.

HMV fell into administration after it failed to combat fierce competition from online retailers.

“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,” said joint administrator Rob Harding.

“The brand is one of the key reasons we wanted to do this deal. We want to revitalise it,” said Kelvin Wu, principal partner at AID Partners Capital.

AID Partners Capital focuses on investing on media and consumer-related business in Greater China.

You have 7 articles remaining. Unlock 15 free articles a month, it’s free.