HMV saved by Canada’s Sunrise Records

HMV store

HMV store

Sunrise, which is owned by Doug Putman, beat off competition from the likes of Mike Ashley for the stricken retailer and will acquire 100 stores across the UK.

HMV has been saved from administration for a second time in six years. The winning bid for HMV is undisclosed.

Sunrise Records will buy out 100 stores, securing 1487 jobs under the new ownership, however the 27 stores to close will result in 455 redundancies, according to the BBC. A further 122 employees at warehouses will be retained to assist in winding-down operations.

Sunrise Records CEO Doug Putman said he was delighted to acquire "the most iconic music and entertainment business in the UK", and would aim to replicate his company's success in Canada.

Mr Putman had already bought HMV stores in Canada back in 2017. It is now unknown which stores are closing, with staff being informed first before a public announcement.

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The business as been acquired by Canadian retailer Sunrise Records, safeguarding the future of almost 1,500 staff. "We see HMV continuing on the in the United Kingdom for a long time".

Will Wright, partner at KPMG and joint administrator of HMV, said in a statement: "Our immediate concern is now to support those employees that have unfortunately been made redundant".

In December, former owners Hilco sought a buyout following a "tsunami of challenges" including an "ongoing wave of digital disruption".

KPMG, the administrators of music shop HMV, on Tuesday revealed the names of the 27 stores that will be closing under a proposed rescue deal for the chain, which went bust at the end of a year ago.

We know the physical media business is here to stay'.

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