HMV boss 'convinced' chain will survive as private equity eyes rescue It is understood that, although some store closures are inevitable, a number of private equity firms including Jon Moulton's Better Capital, Endless, and Hilco, the owner of HMV Canada, are exploring bids for HMV. The leading suppliers to HMV, including record labels, may also try to rescue the retailer, although competition issues could impede a deal. Universal Music is liable for the rent on 16 HMV stores after buying the retailer's former parent company EMI last year. The board of HMV called in administrators after talks with banks to refinance its debt of £220m failed. Mr Moore said Christmas trading had been "disappointing" and impacted by the "limited supply" of two key tablets, including iPad Mini. HMV and Deloitte face a backlash from customers because of their refusal to accept gift vouchers, despite the fact HMV was still selling them on Monday. The company's pension fund, which has a deficit of £60m and 1,400 members, will pass to the Pension Protection Fund. HMV sales have declined due to fierce competition from online retailers such as Amazon, digital download services, and supermarkets. Vince Cable, the Business Secretary, said it is "not the job of Government to sort out the problems of competition on the high street." He told Channel 5 News: "Consumers make their choices and there are consequences."