Companies hoping to buy HMV have until Tuesday (15th January) to submit their bids, with the future of the music retailer to be decided after going into administration for a second time last month.
Several approaches to buy the firm, which employs 2,200 people, are believed to have been made already, according to Sky News, with KPMG setting a deadline of Tuesday for interested parties to lodge bids.
Administrators from KPMG were appointed over Christmas to help the firm find a buyer or wind up the business, six years after the retailer was rescued by restructuring firm Hilco in a £50m deal.
HMV said the market for DVD "fell by over 30%" compared to the previous year during the key Christmas trading period and added retailers have faced a "tsunami of challenges" over the last 12 months as well as a "dramatic change in consumer behaviour in the entertainment market."
Earlier this month KPMG said administrators are in “ongoing” talks with book suppliers to HMV with book sales representing approximately 2% of HMV’s £254m revenues in the year to date.