HOPE IN STORE FOR HMV

British brand HMV could be saved after falling into administration for a second time with the owner of sports retailer Sports Direct tabling a bid for the struggling entertainment chain. The interest is said to join a number of other formal offers, according to multiple reports.

At the end of December, HMV fell into administration for the second time in six years thanks to a decline in the DVD market and rising business costs, putting over 2k jobs at risk.

The end of the brand could be dangerous for the British music industry, which would lose its last remaining high-street entertainment retailer. Owner KPMG, however, has had a number of formal takeover offers, including Sports Direct owner Mike Ashley.

As well as buying struggling chains House of Fraser and Evans Cycles, Ashley is a significant shareholder of games retailer Game Digital, which could merge with HMV should his bid be successful. Watch this space.