The way forward for the troubled HMV retail chain will probably be determined this week, with corporations hoping to purchase the long-established music retailer, which employs 2,200 individuals, set a deadline of Tuesday to submit bids.
HMV turned one of many first casualties of the worst Christmas for 10 years on the UK excessive avenue late final month, when it known as in directors from accountancy agency KPMG to assist it both discover a purchaser or wind up the corporate.
HMV – which accounts for practically a 3rd of all bodily music gross sales in Britain in addition to practically 1 / 4 of DVD gross sales – mentioned retailers throughout the nation had confronted “a tsunami of challenges”, with “extraordinarily weak” festive buying and selling. Its 125 UK shops stay open whereas talks with suppliers and potential consumers proceed. A number of expressions of curiosity have already been made, based on Sky Information.
The 97-year-old retailer, which additionally owns the nine-store Fopp music chain, was final rescued by Hilco, an funding agency that specialises in struggling corporations, in 2013.
HMV’s troubles mirror the challenges dealing with leisure retailers from shoppers more and more procuring on-line and switching to streaming companies. On the identical time, prices have risen for bricks-and-mortar shops.
A KPMG spokeswoman declined to remark.