Canadian retailer Sunrise Records buys HMV stores

The HMV store in Canterbury

The HMV store in Canterbury

HMV went into administration in December 2018 after a whopping 30% fall in demand for DVDs at Christmas. 1,487 jobs have however been retained, with a further 122 secured in warehouses.

HMV has been sold to Sunrise Records & Entertainment Limited, whose shareholder is Doug Putman, owner of Sunrise Records in Canada. But 27 locations, employing some 455, will be out of a job.

Doug Putman, CEO of Sunrise Records, said: "We are delighted to acquire the most iconic music and entertainment business in the United Kingdom and add almost 1,500 employees to our growing team".

HMV's flagship Oxford Street store is set to close despite the rescue of the chain.

Hilco, which already owned HMV Canada, acquired the UK HMV stores in a deal reported to be worth about £50million.

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"It's just a fantastic heritage brand coming up the 100 year anniversary shortly", Putman told BBC Four's Today programme.

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".

"We know the physical media business is here to stay and we greatly appreciate all the support from the suppliers, landlords, employees and most importantly our customers", he said on Tuesday. "We see HMV continuing on the in the United Kingdom for a long time".

The business as been acquired by Canadian retailer Sunrise Records, safeguarding the future of almost 1,500 staff.

It had been hoped that a bailout would preserve the familiar store on high streets up and down Britain, but 27 are still closing.

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