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PHOTO FILE: Pedestrians walk in front of a specialized HMV store in central London, UK, on December 28, 2018. REUTERS / Peter Nicholls
(Reuters) – UK music retailer HMV has received a last minute offer from Canada, Sunrise Records, to save the company from the administration, the Financial Times reported on Sunday.
HMV creditors welcomed the offer, according to the report, citing two sources close to the discussions. He did not provide any other financial details of the offer.
Sky News announced last month that billionaire Mike Ashley, who controls sportswear retailer British Sports Direct International Plc, was in talks to rescue HMV from the administration.
HMV said in December that it was calling on directors, accusing a growing market for entertainment CDs and DVDs, to become the latest victim of brutal market conditions in the retail sector in Britain.
Sunrise Records, a music retailer and HMV could not be contacted immediately to comment on Sunday.
Report of Kanishka Singh in Bengaluru; Edited by Susan Fenton
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