A number of offers ‘have been received’ for British music and entertainment retail chain HMV, according to administrator KPMG.
The historic retailer fell into administration in late December 2018 following poor December sales, with over 2,200 jobs put at risk at the 97-year-old company.
Yesterday (Tuesday, 15 January) was the deadline for bids, as first reported Sky News.
KPMG Partner Will Wright has said today (January 16) that the company will ‘endeavour to trade all stores while discussions with all the relevant stakeholders continue’, and added that the various offers will be evaluated over ‘the coming days’.
HMV previously fell into administration in 2013 and was rescued by restructuring experts Hilco.
“HMV has clearly not been insulated from the general malaise of the UK High Street.”
Paul McGowan, HMV and Hilco, speaking in December
Speaking in December, Paul McGowan, Executive Chairman of HMV and Hilco Capital, said: “HMV has clearly not been insulated from the general malaise of the UK High Street and has suffered the same challenges with Business Rates and other government-centric policies which have led to increased fixed costs in the business.
“Even an exceptionally well-run and much-loved business such as HMV cannot withstand the tsunami of challenges facing UK retailers over the last 12 months on top of such a dramatic change in consumer behaviour in the entertainment market.”
“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.”
Will Wright, KPMG
Will Wright, partner at KPMG and joint administrator of HMV, said: “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.
“We’d like to thank everyone for their support during this time, in what remain challenging circumstances.”
He added: “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.”
In December 2018 it was revealed that all HMV music stores in Hong Kong are closing.Music Business Worldwide