Well known retailer HMV has been reported to be in the midst of buying 14 stores from the closing chain Zavvi. This venture is said to be funded by selling new shares.
HMV estimates that the cost of purchasing these stores will be around £2m. However, this cost will include the fitting and rebranding of all 14 stores, 9 of which are in the United Kingdom and five in the Irish Republic.
Zavvi a competitor to HMV went into administration after the collapse of its main supplier - Woolworths' unit Entertainment UK (EUK) - which dissolved in November 2008.
HMV are confident that this new acquisition will prove to be a profitable investment.
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