Singapore's two HMV outlets to stay open after private equity firm takes over ownership

Singapore's two HMV outlets to stay open after private equity firm takes over ownership

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 313@Somerset in Singapore. 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, on Thursday announced in a joint press release with HMV that it has acquired the entire stake of HMV in Hong Kong and Singapore, as well as the rights to run business using the HMV brand in China, Macau and Taiwan. It added that the "management team of HMV remains unchanged". 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...

Full article: http://stcommunities.straitstimes.com/music/2013/03/03/si...

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