HMV has bought the Fopp brand and up to six of its stores, depending on landlords’ consent, from administrator Ernst & Young, Music Week can reveal.
All six stores will continue to trade under the Fopp name and will re-open as soon as possible.
The move will also save up to 70 of the 700 jobs that were lost when Fopp went into administration at the start of July.
The stores are located in:
• Cambridge - 37 Sydney Street
• Edinburgh - 3/15 Rose Street
• Glasgow - 19 Union Street
• London, Covent Garden - 1 Earlham Street
• Manchester - 19 Brown Street
• Nottingham - The Frontage, Queen Street
“The Fopp stores we are purchasing have all traded profitably, whilst ownership of the brand will enable us preserve Fopp's unique identity and trading culture,” says an HMV spokesman. “These stores will operate independently of the main HMV chain in order to preserve their distinct customer offer.
“Fopp is well regarded by many music and entertainment consumers, enjoying strong local awareness and appeal, and we're pleased that we will be able to preserve the brand and product offer through the stores and online.”
The moves comes as HMV announced that it has sold its Japanese business to DSM Investments Catorce for around £70m.
The business includes 62 stores and the hmv.co.jp website, together with the right to use the HMV name in Japan.
there you go.