British music retailer HMV receives last-minute offer: FT

[LONDON] British music retailer HMV has received a last-minute offer from Canada's Sunrise Records to rescue the business from administration, the Financial Times reported on Sunday.

HMV's creditors welcomed the offer, the Financial Times' report said, citing two sources familiar with the talks. It did not provide further financial details of the offer.

Sky News reported last month that billionaire Mike Ashley, who controls British sportswear retailer Sports Direct International Plc, was in talks to rescue HMV from administration.

HMV said in December that it was calling in administrators, blaming a worsening market for entertainment CDs and DVDs, to become the latest victim of brutal trading conditions in Britain's retail sector.

Sunrise Records, a music retailer, and HMV could not immediately be reached for comment on Sunday.

REUTERS