HMV looks likely to survive on the UK High Street – but around half of the retailer's 223 stores could close.

Reports suggest that Hilco will push ahead with mass closures to create a streamlined version of the chain.

It is the same strategy that the restructuring firm used to successfully turn around HMV Canada, which is acquired in 2011.

This would, however, open the door to retailers such as GAME to acquire some of the stores not wanted by Hilco.

Hilco moved to acquire HMV’s £120m debt last week. It is said to have paid £40m.

HMV has a branch in Exchange Street, Bolton, but indications are that Hilco would want to keep only flagship stores such as those at the Trafford Centre and Market Street, Manchester.

The reports have surfaced in the Daily Mail today.