Retail restructuring group Hilco is reportedly in talks with HMV administrators Deloitte to secure a £50 million deal to save the High Street retailer by taking on 130 of its stores.

Deloitte has already announced the closure of 103 of HMV’s 220 UK stores. Thousands of jobs stand to be saved if the Hilco deal is approved, according to Sun sources.

The Sun report says that a deal has to be struck by the end of March, when HMV ...