Photo: WENN.com

Major music labels and film studios are expected to offer support to HMV and possibly help the chain face widespread closure.

Major record labels Universal Music, Warner Music and Sony are set to cut the price of CDs and DVDs, and give the music retailer generous credit terms, according to The Sunday Times.

Film giants including 20th Century Fox, Universal Studios and Warner Bros are also expected to get behind the rescue attempt.

A source said that the entertainment companies are eager to keep a specialist retailer alive to avoid cut-throat pricing from supermarkets and internet services.

“They don’t want their only choice to be Tesco or Amazon,” on source said.

Despite its recent problems, HMV is still responsible for one fifth of the British music and DVD market.

HMV went into administration last week, launching a massive sale and beginning to close stores in Ireland amid protests from staff over unpaid wages.

On Friday (January 18th) it was reported that the ailing high street retailer had had 50 ‘expressions of interest’ in buying the chain, including one from video games retailer Game.

Although news of HMV’s apparently imminent demise has saddened many, it has surprised few.

Last week experts suggested that it was the brand’s failure to successfully move into the online market that was the cause of its downfall.

HMV on Dublin's Grafton Street closed it's doors last week

Many music fans have expressed concern that the store’s closure will mean there is no high street representation for the music industry, with many small towns being left without a physical music shop at all.

It is currently thought that Hilco – a company which specialises in saving struggling retailers – is the favourite to buy the music chain, and are said to have been locked in talks with administrators Deloitte on Friday.

Below: Everything Everything meet fans and perform HMV Manchester show