HMV rescue deal to save 100 stores

Andrew Cummings
February 5, 2019

It was the second time in 6 years administrators had been called in, the last being in 2013 when restructuring form Hilco came to the rescue. A further 122 employees at warehouses will be retained to assist in winding-down operations.

It had been in administration but last night administrators KPMG announced the Canadian company Sunrise Records, owned by entrepreneur Doug Putman, would buy 100 of its stores saving nearly 1,500 jobs.

However, Mr Putman will only be acquiring 100 stores, which means 27 shops are at immediate risk of closure.

He 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". It is now unknown which stores are closing, with staff being informed first before a public announcement.

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. Those stores were rebranded as Sunrise Records, a chain of now 80 stores in North America.

"It's just a fantastic heritage brand coming up the 100 year anniversary shortly", Putman told BBC Four's Today programme. Administrators KPMG managed the stores in the interim and the final sale to Sunrise.

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

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. "Meanwhile, we wish the new owners and the staff the very best as the chain heads towards its centennial celebration in 2021".

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