Entertainment retailer HMV has said it is to buy 14 stores from troubled chain Zavvi, funded by selling new shares.
Proceeds will also be used to fund a move into the live music market, taking a joint stake in a firm running 11 venues such as Hammersmith Apollo.
It will also get naming rights to some of the venues.
HMV also said that sales in the five weeks to 3 January - which includes the Christmas period - were up by 2.9%, or by 0.5% not including new stores.
Rebranding
The Zavvi stores it is buying are all profitable, HMV said, primarily in locations where it does not currently have a store.
It expects the cost of the purchase to be about £2m - including fitting out and rebranding the stores. Nine of them are in the UK and five in the Irish Republic.
read full article at The BBC
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