Canada’s Sunrise Records to buy failing HMV

HMV store

The deal, headed by entrepreneur Doug Putman, will rescue 100 HMV stores and save nearly 1,500 jobs.

The music retailer, which has been running for almost 100 years, has been taken over by the Canadian retailer, Sunrise Records, which has acquired 100 stores across the United Kingdom, it has been reported.

The remaining 27 stores will be closed immediately and 455 staff will be made redundant, the administrators said. 1,487 jobs have however been retained, with a further 122 secured in warehouses.

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.

Will Wright, partner at KPMG and joint administrator, said: 'We are pleased to confirm this sale which, after a complex process, secures the continued trading of the majority of the business.

HMV, which has previously fallen into administration, became the first high street casualty after Christmas when its owner Hilco called in corporate undertakers before the end of previous year.

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It was the second time HMV has collapsed in recent years, having filed for administration in 2013. We get wonderful support, which is great.

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.

Chichester's HMV store has locked its doors today (Tuesday 5) as the company went into administration.

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The 54-year-old Sports Direct founder has already bought Evans Cycles and House of Fraser in cut-price deals within the last six months.

The company went into corporate restructuring late past year, and a number of bidders came forward to buy the company. Four of the sites staying afloat are under the Fopp sister brand.

HMV is set to shut its flagship London stores in Westfield and Oxford Street as part of a swathe of closures following a rescue deal with Sunrise Records.

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