Andy's Records has plunged into administration as a result of pressure from Internet players and declining CD sales generally.
The 23-strong chain had struggled over the past few years and scaled down from 40 stores in 1999.
Administrator RSM Robson Rhodes noted that Andy's Records had struggled to compete against bigger retailers, and the growth of the Internet.
A spokeswoman for the administrators said: 'We are speaking to a number of interested parties at the moment that are not solely from the music industry. We have set a deadline for indicative offers.'
She would not reveal when that deadline expires, but RSM will consider selling stores individually as well as offering the business as a going concern.
'We have not got an offer on the table as yet, but we are confident given the responses that we've had to date,' she said, but refused to divulge which retailers have shown an interest.
Managing director of independent Scottish music retailer Fopp Peter Ellen, said that he would look at Andy's Records, but refused to comment further.
A spokesman for HMV refused to comment. The music market leader is expanding aggressively and plans to open approximately 20 stores a year, but already has a presence in the majority of towns where Andy's Records has outlets.
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