HMV administrator Deloitte has set a deadline of today for confirmation of expressions of interest in the collapsed entertainment retailer but a round of job cuts is expected by the end of the week.
Deloitte has sent out information regarding the sale of HMV to about 20 interested parties.
While it strives to find a buyer for the business as a going concern, Deloitte is poised to axe jobs at HMV, which employs 4,500 staff. It is not known on what scale or in what functions. Deloitte declined to comment.
It is thought that the deadline for offers on the store estate only falls at the end of this week, as revealed by Retail-Week.com last week.
Theo Paphitis, owner of Ryman Group and star of Dragons’ Den, is in the running to take on former HMV stores. He is also interested in Jessops and Blockbuster shops. Other retailers in the running for HMV stores include grocers and value players, as well as overseas retailers.
Property agent CBRE is advising Deloitte on the sale of stores.
HMV was thrown a lifeline last week when restructuring firm Hilco acquired the retailer’s debt for £40m. However, the retailer remains in administration, and it is unclear what Hilco’s plans for the business are.
Private equity firms Better Capital and Endless had been interested in HMV in the early stage of the administration process.
Hilco has won plaudits for its successful management of HMV Canada, which it acquired in 2011.
HMV UK collapsed into administration on January 15, making it one of the biggest high street failures of recent times.