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Canada’s Sunrise Records to buy failing HMV

Canada’s Sunrise Records to buy failing HMV

HMV has been rescued out of administration by Canadian chain Sunrise Records for an undisclosed sum.

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.

The Canadian retail giant will buy 100 of HMV's stores securing almost 1,500 jobs, but 27 unprofitable shops will close immediately, resulting in 455 redundancies.

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.

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.

The firm's remaining 27 stores will close, resulting in 455 redundancies, and it has been revealed the store at Bluewater in Greenhithe and the Tunbridge Wells store in Royal Victoria Place, are set for closure.




"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.

The administrators of HMV, KPMG, has released its list of HMV stores planned for closure.

We see hmv continuing on in the United Kingdom for a long time.

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".

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