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Retail group Hilco are among the possible bidders for high street music chain HMV, who recently announced they would enter administration.

Administrators announced yesterday that they were actively looking for a buyer for the company.

Now, the Financial Times say that Hilco, who own HMV Canada, are one of the potential bidders ready to make an offer.

Late last week, HMV asked its suppliers for approximately £300m in additional financing to help pay off its debt and fund an overhaul of the company’s business model. The proposal was turned down and Deloitte were appointed as HMV’s administrators.

The companies directors were locked in emergency talks on Monday night and released the following statement earlier this week:

“The board regrets to announce that it has been unable to reach a position where it feels able to continue to trade outside of insolvency protection and in the circumstances therefore intends to file notice to appoint administrators to the company and certain of its subsidiaries with immediate effect.”

The chain employs around 4,000 workers and has 230 UK stores.