April 24, 2019

HMV is bought by Canadian retailer Sunrise Records with 1,500 jobs saved

05 February 2019, 06:42 | Joann Bryant

HMV shop in central London Britain

HMV shop in central London

The music entrepreneur will take over 100 shops across the United Kingdom, safeguarding 1,500 jobs.

The UK's biggest high-street music chain, hmv, has been bought out of administration by Doug Putman, owner of Canada's Sunrise Records (which also previously fell under the hmv title until he rebranded). "I feel really lucky to be able to say that we can continue to call it HMV". But 27 locations, employing some 455, will be out of a job.

Sports Direct billionaire Mike Ashley had been vying to take over the music chain but lost out.

The administrators will retain a further 122 employees at warehouse functions to assist them in winding down operations.

Canadian music store chain Sunrise Records has struck a deal to buy British retailer HMV out of bankruptcy in a deal that will keep most of the locations in Britain open.

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.

Neil Gostelow, partner at KPMG and joint administrator, added: "We are grateful for the support of all key stakeholders including the suppliers whose support throughout this process has been key in securing this sale".

KPMG is due to announce the 27 stores that will close later on Tuesday, February 5.

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

HMV went into administration in December 2018 after a whopping 30% fall in demand for DVDs at Christmas.

It was the second time the retail giant had collapsed in almost six years having filed for administration in 2013.

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