Supermarket has reached ‘an agreement in principle’ to acquire distributor
Handleman’s biggest UK client Tesco is set to swoop for the distributor and retain the majority of Handleman’s UK-based employees.
Music Week reports that the deal is set for completion in the coming weeks.
“We are continuing to make good progress in our efforts to complete the wind-down of our North American music business, operate our ongoing businesses, and explore opportunities to maximize the value of other assets and operations for the benefit of our stakeholders,” said Handleman president and CEO Albert Koch. “We continue to explore how best to maximize the economic return to our shareholders."
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Tesco snaps up Handleman UK
Interesting times for HUK?
Would handleman ever supply anybody else apart from tesco? Could you see asda or sainsburys switching to be supplied by a tesco controlled business, No.
Tesco have bought handleman to stop them going out of business, and to protect the supply chain they have in place with them.
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