Sports Direct founder Mike Ashley is reportedly in talks to buy HMV.
The music chain entered administration following a slow festive period, with more than 2000 jobs at risk across the country.
The move also impacted on FOPP, with HMV said to have sold 31% of all physical music in the UK in 2018 and 23% of all DVDs.
The BBC reports that Sports Direct founder Mike Ashley has placed a bid for the historic retail giant.
Mike Ashley is currently adding to his high street portfolio - in addition to owning 60% of Sports Direct, he recently purchased the House of Fraser department store chain and Evans Cycles.
In addition to this Mike Ashley's company also owns stakes in French Connection and Debenhams.
Administrators KPMG declined to comment to the BBC.
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