HMV has been rescued by a firm that specialises in reviving ailing companies.
Restructuring firm Hilco struck a £50m deal to buy the store, saving nearly 2,500 jobs and handing a reprieve to 141 stores.
ITV News' Martha Fairlie reports.
HMV buyers Hilco said the public's reaction to the news the shops were shutting show shoppers want the business to succeed. Ian Topping, from Hilco said:
The reaction of the British public to the administration of HMV shows a strong desire for the business to continue to trade and we hope to play a constructive part in delivering that.
The company also confirmed it was in negotiations with landlords to re-establish a HMV business in the Republic of Ireland.
Specialist restructuring firm Hilco has confirmed it has struck an agreement with HMV administrators Deloitte to buy the company, in a deal that should secure 2,500 jobs.
The deal will keep 141 shops open, including 25 which had already been earmarked for closure.
The sale includes all nine of the Fopp-branded shops. Hilco chief executive Paul Mc Gowan said the company hoped to replicate the success they have had with HMV Canada, purchased two years ago.
We have spent a number of weeks negotiating revised terms with landlords and the key suppliers to the business, all of whom have been supportive of our plans to maintain an entertainment retailer on the High Street.
We hope to replicate some of the success we have had in the Canadian market with the HMV Canada business which we acquired almost two years ago and which is now trading strongly...The higher level of competition in the UK will prove additional challenges for the UK business but we believe it has a successful future ahead of it.
Around 2,500 jobs at HMV have been saved after restructuring firm Hilco agreed to buy 141 stores, including 23 which had previously been slated for closure.
Hilco, a specialist "restructuring" company confirmed in January that it acquired HMV's debt from the Group's lenders, but not the business itself. It said at the time:
Hilco believes there to be a viable underlying HMV business and will now be working closely with Deloitte who, as Administrators, are reviewing the business to determine future options.
The company says it global leader in "maximising the realisation value of retail assets" and has managed the restructure of the following businesses:
In a HMV rescue deal led by restructuring firm Hilco, the high-street brand is also likely to get a further boost with music companies and film studios agreeing new supply terms with HMV, reports the Daily Telegraph.
The newspaper adds that music companies and film studies are backing the deal, as they are "desperate for the 92-year-old retailer to survive because it provides a high street presence for the entertainment industries and a rival to Amazon, Apple and UK supermarkets."
HMV called in administrators from Deloitte in January but hopes of a rescue deal were subsequently raised after specialist restructuring firm Hilco bought the company's debt.
It was announced in February that 66 of HMV's 220 shops would close over two months, at the cost of nearly 1,000 jobs.
HMV may be rescued in a £50 million deal that will preserve 2,500 jobs, it has been reported.
Specialist restructuring firm Hilco is poised to sign an agreement securing the future of the music retail chain and ending fears it could disappear from high streets, Sky News reported.
The deal, which could be announced as early as tomorrow morning, will involve the company emerging from administration, backed by a new company incorporated in the UK, the report said.
Hilco will acquire about 130 HMV-branded stores, and all nine of the outlets which operate under the cut-price music brand Fopp, it added.
HMV called in administrators from Deloitte in January but hopes of a rescue deal were subsequently raised after Hilco bought the company's debt. No one from Deloitte was available to comment tonight. An HMV spokesman declined to comment.