Following the recent decline in HMV's fortunes, it seems that there might be hope for the company after all.
Hilco - a firm that specialises in restructuring companies - is thought to have stumped up around £40m for £120m of HMV's debt, in a move that gives them effective control of the company.
Hilco are suggesting a package that would see roughly half of the struggling retailer's stores remain open, following a similar move undertaken by the same company when they took over the Canadian branch of HMV in 2011.
Interestingly, the report in The Mail on Sunday also suggests that Hilco are considering a deal with the administrators of camera specialists Jessops, with a possible concession to open in remaining HMV stores.