I can see HMV going the way of Zavvi and being purely online once they've closed their stores.
Not the best example- Zavvi didn't even "save" itself by becoming a purely online store- it went bust and shut down.
The only connection the "new" Zavvi website has with it is the name, bought by an otherwise unrelated company
Even in a worst-case (liquidation) scenario, the HMV name will "survive" in this way. Question is whether that means much...
(*) Ironically, the first time I heard of "Zavvi", I thought the name sounded *exactly* like a web retailer. As Zavvi was only around for a year after the rebrand and is associated with the failure of the stores, I'd have thought that the old "Virgin Megastores" name was much more valuable- but Virgin (presumably) own the rights to that.
In fact, it's been said that- rather then having sold the chain at a profit before they went under- Branson actually gave it away for sod all (making them change the name), in order to avoid his brand being associated with its inevitable failure.