Troubled retailers HMV have asked the music industry to help them out of their current crisis by cutting the upfront charges made by suppliers according to reports.

It is alleged that the four major music groups of Sony, Universal, Warner Music and EMI, are currently considering the possibility of allowing HMV to buy CD stock on a sale or return basis.

This would mark a considerable change in the current system which means that HMV have to pay upfront for any CDs they have on their shelves.

By switching the payment system HMV could potentially save up to £15 million with this money then being able to be directed to paying off some of the £130 million of debt that HMV has.

According to the Sunday Times, the music industry suppliers are keen to help out HMV as it remains a key route to market for the companies promoting their music.

The moves have come after HMV announced a third profits warning this year leading industry experts to worry about the future of the company as it comes under pressure from rivals such as supermarkets who are able to offer cheaper priced CDs to customers.

Not only is HMV important to the music industry in the promotions and sales of albums and singles it is also an important employer within the UK with more than 13,000 staff.

Cost cutting measures from the group have already seen them announce the closure of 6 shops including 20 Waterstones shops.