It's business as usual for HMV's two stores here after new buyout deal
After two months of uncertainty over their fate, it will be business as usual for music retailer HMV's two outlets at Marina Square and at 313@somerset. A Hong Kong-based private equity firm has come in to take over the ownership and management of HMV stores in Hong Kong and Singapore.
The group, Aid Partners Capital Limited announced in a joint press release with HMV on Thursday that it has acquired the entire stake of HMV in Hong Kong and Singapore, and the rights to run business using the HMV brand in Mainland China, Macau and Taiwan.
But Aid Partners' founder Kelvin Wu declined to reveal the group's investment into HMV.
The fate of Singapore's two HMV stores hung in the balance after news broke in January in the United Kingdom that the HMV group went into administration, a form of bankruptcy, to prevent collapse.