It was previously reported that popular music and DVD retailer HMV was facing closure after going into administration, but fans of  the popular store may be put out of their misery as retail restructuring firm Hilco, have agreed to acquire the retailer’s debt.

The Financial Times reports that Hilco has reached a mutual agreement with HMV group’s lenders, Lloyds and Royal bank of Scotland over the firm’s debt which stands at an estimated £176 million.

Hilco is in current talks with HMV’s new administrator Deloitte and if plans for the deal pull through, all 229 HMV stores in the UK will continue to trade as normal.

Nick Edwards, who is the joint administrator made a statement regarding the retailer yesterday, saying:

We will continue to assess the longer term options for the business whilst continuing to trade. I am hopeful this process will result in the business continuing as a going concern.

He also went on to confirm that the issue revolving HMV gift cards not being accepted in stores had been resolved, after the assessment the store had currently went through:

I am pleased to confirm that, having concluded this assessment, we are able to honour gift cards. I can also confirm that all money raised by HMV for various charities will be paid in full.

It looks like fans of the music store have reasons to be hopeful, and fingers crossed that this doesn’t mean the end of HMV.