HMV fell into administration for the second time in six years just before Christmas, but a rescue effort looks to be on the cards yet again.
Online discount club BuyVia has announced it is currently in talks about rescuing HMV from bankruptcy. The proposal would see it save a number of retail stores and overhaul the retail giant’s digital presence.
"HMV has been a major player in the retail entertainment industry for nearly a century," said BuyVia representative Amy Jordan.
"While the company has undeniably struggled in recent years, we here at BuyVia feel that plenty of progress can easily be achieved. We are now engaged in talks concerning how some of HMV's most significant retail presences could be saved from closing up shop forever. We also believe that BuyVia is perfectly positioned to turn HMV into a far more competitive and capable online retailer, as well."
While a new buyer is sought, HMV owner Hilco, which rescued the chain from administration in 2013, says the existing 2200 stores around the UK will continue to trade.
Declining sales of physical media such as CDs, DVDs and Blu-rays, online competition and the rise of streaming music and film services led to accountancy firm KPMG being appointed as administrators of the struggling business by the High Court.