HMV could be saved after administrators confirm buyout offers

HMV could be saved after administrators confirm buyout offers

HMV, the music retailer which has dominated the UK retail scene for a number of years, could be saved from administration.

The company, which as 128 stores nationwide, could lose see in excess of 2,200 jobs at risk after they appointed administrators at KPMG following a hugely disappointing Christmas in sales.

Having been rescued by restructuring firm Hilco in 2013 following its first collapse and Paul McGowan, the executive of HMV and Hilco has put the blame on the decline of the CD and DVD market as the cause.

Now, however, there could be light at the end of the tunnel. Administrator Will Wright has confirmed that several offers have been tabled to buyout the company as yesterdays’ deadline passed.

“Since our appointment as joint administrators, we have received significant support from key stakeholders, including employees, suppliers and creditors, as we have endeavoured to trade the HMV business,” Wright said.

“We’d like to thank everyone for their support during this time, in what remain challenging circumstances.”

He addeD: “We can confirm that a number of offers on various bases have been received, and we now need to evaluate these further over the coming days,” he added. “Given the commercially sensitive nature of this process, we will not be providing further detail at this time. We will continue to endeavour to trade all stores while discussions with all the relevant stakeholders continue.”

Wright failed to name the identities of the people behind the bids to buy the company.

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