HMV future could be decided this week as bid deadline looms
The future of music retailer HMV will be decided this week as the deadline for rescue bids draws close.
HMV collapsed into administration for the second time in six years late last month.
Its administrator KPMG has set a deadline of Tuesday for suitors to lodge bids for the chain, Sky News was the first to report.
There have been several credible offers for the chain, although the identities of the bidders have not yet emerged.
Turnaround firm Hilco acquired HMV out of administration six years ago in a £50m deal.
The chain employs more than 2,000 people and has more than 125 stores, all of which are still open.
Will Wright, partner at KPMG and joint administrator, said at the time: “For decades, HMV has been one of the most iconic names on the high street.
"Whilst we understand that it has continued to outperform the overall market decline in physical music and visual sales, as well as growing a profitable ecommerce business, the company has suffered from the ongoing wave of digital disruption sweeping across the entertainment industry.”
KPMG declined to comment.