HMV future to be decided this week

HMV future to be decided this week

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.