LONDON (Reuters) – Sports Direct <SPD.L> boss Mike Ashley is in talks to rescue music retailer HMV from administration, Sky News reported on Sunday, saying he had held talks with music and industry suppliers to the business.
HMV last month said it was calling in administrators, blaming a worsening market for entertainment CDs and DVDs, to become the latest victim of brutal trading conditions in Britain’s retail sector.
Ashley was one of a handful of parties to lodge formal offers with KPMG before a deadline on Jan. 15, Sky reported, adding that it was unclear whether his bid had been made through Sports Direct International or another corporate vehicle.
Sky cited unnamed sources as saying Ashley was “serious” about buying HMV.
(Reporting by Elizabeth Piper; Editing by David Goodman)