HMV boss Trevor Moore and financial director Ian Kenyon want the chance to lead the chain out of administration.
Speaking to journalists this afternoon, Moore pointed the finger at disappointing technology sales over the Christmas period, claiming that supply lines of key tablet computers were insufficient.
Having had a request for extra funding turned down by suppliers late last week, Kenyon admitted that directors realised yesterday afternoon that the chain wasn't going to be able to reach a point where we could continue to trade”.
The pair insist that they intend to do whatever they can to safeguard jobs where possible".
Perhaps surprisingly, however, former Jessops boss Moore gave the impression that he sees himself very much as the man who can turn the chain's fortunes around.
He spoke of having a plan in mind” that he is convinced can deliver” the reversal in fortunes needed for the brand to live on. It sounded very much like Moore hopes to bring backers on board who will back his vision.
"Both Ian and I are passionate about developing a plan for the business and evolving it going forward,” he argued. "We really do think a high street without HMV is not as attractive a place to be as with us."