Canadian retailer Sunrise Records buys HMV stores

Wire  WireHMV entered administration after Christmas citing falling DVD sales as one factor for its difficulty

Wire WireHMV entered administration after Christmas citing falling DVD sales as one factor for its difficulty

On Tuesday, February 5 it was revealed that HMV had been saved by Canadian music retailer Sunrise Records, which is owned by Doug Putman, reports The Mirror.

Yesterday it emerged that the Canadian music retailer, which uses Fleetwood Mac albums to explain its business model, was a leading contender to save the United Kingdom high street store chain.

Mr Putman, who bought HMV Canada out of bankruptcy in January 2017, 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".

Putnam, the owner of toy and games distributor Everest Toys, said however that physical music and entertainment formats had a future, and he would aim to replicate the success of Sunrise Records, which he bought in 2014.

Under the deal, 27 of HMV's will close with the loss of 455 jobs.

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'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'.

Sports Direct billionaire Mike Ashley had been vying to take over the music chain but lost out. We get incredible support, which is great.

The company collapsed into administration for the second time in six years in December putting 2,200 jobs at risk. The plan is to continue to operate them under their existing banners of HMV or Scottish based Fopp and not convert them to Sunrise Records.

Hilco blamed a "tsunami" of retail challenges for the latest collapse, highlighting business rate levels and the increasing use of streaming services for music and films.

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