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hmv Could Be Saved Thanks To A “Number Of Offers”

Several bids have reportedly been made for the high-street music retailer.

Over the Christmas period, it was announced that the UK’s biggest high-street music chain, hmv, would be going into administration for the second time in six years, putting over 2,000 jobs at risk.

However, it looks as though the iconic retailers could now potentially be saved, with “a number of offers” being pitched to them in time for their bidding deadline of January 15, as reported by Music Week.

“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,” says joint administrator Will Wright.

“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. 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.”

According to The Guardian, hmv account for nearly a third of all physical music sales in the UK. Stay tuned for Kerrang.com for more news in the coming days.

Posted on January 17th 2019, 12:51pm
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