Mike Ashley in talks to buy music chain HMV

Mike Ashley in talks to buy music chain HMV


By mr ben rory

Sports Direct founder Mike Ashley has placed a bid to buy music chain HMV.

HMV collapsed last month, its second administration in six years, risking 2,200 jobs at 125 stores.

Sports Direct could not be reached for comment and administrators KPMG also declined to comment.

Mr Ashley owns more than 60% of Sports Direct, and through it he has bought retailers including the House of Fraser department store chain and Evans Cycles.

His company also owns stakes in French Connection and Debenhams.

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After establishing Sports Direct in 1982, he built his business by buying up well-known names such as Dunlop, Slazenger, outdoor gear specialist Karrimor and the boxing brand Lonsdale.

After many years of growth and the demise of rivals such as JJB Sports, it is now the UK’s largest sportswear retailer, with more than 400 stores including Lillywhites in London’s Piccadilly.

Sports Direct also owns a stake in Game Digital, which Mr Ashley could merge with HMV if he is successful, Sky News said.

KPMG set a deadline of last Tuesday for bids for the stores, but has not named any bidders. There is said to be no deadline for a decision.

Sky News reported the development earlier today.

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