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HMV chain saved but some stores will close

HMV chain saved but some stores will close
Business
Canadian firm Sunrise Records has emerged as the buyer of collapsed music chain HMV, beating competition including Sports Direct owner Mike Ashley.

The firm will buy 100 stores out of administration, securing 1,487 jobs.

But 27 stores will close, resulting in 455 redundancies.

Sunrise Records chief executive Doug Putman said he was "delighted to acquire the most iconic music and entertainment business in the UK."

No price was given.

Administrators KPMG, who ran the business until a buyer could be found, say they will tell staff this morning if their store is closing before saying which stores will be lost.

Canadian entrepreneur Mr Putman, 34, bought the retail chain Sunrise Records in 2014.

He previously bought HMV s Canadian business in 2017, expanding his small chain into a national operation with 80 outlets.

Image caption Not all of the HMV stores will reopen

Mr Putman is also President of Everest Toys, the largest toys and games distribution company in North America.
Read more on bbc.com
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