HMV to spend £2m on Zavvi stores
Retailer picks up 14 stores and associated stock from administrators
Entertainment retailer HMV has acquired 14 Zavvi stores and associated stock while the firm is in administration, for a cost of GBP 700,000.
The group estimates that with a refit and rebrand the total spend will come to GBP 2 million.
The shops are primarily in locations where HMV does not already have a significant presence, with nine stores in the UK and five in Ireland.
During the year to November 30 2008, the stores had unaudited sales of GBP 55 million
The retailer said that it had been able to take advantage of the downturn on the High Street, stating: "Significant recent changes to the high street retail environment provide market share opportunities albeit against an uncertain consumer backdrop"
HMV has also announced the results of its performance over the Christmas period, with sales in the UK and Ireland up 5.8 per cent.