Canada's Sunrise Records to buy failing HMV

Irving Hamilton
February 5, 2019

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

The news comes hours after Putman, who runs Canadian retailer Sunrise Records, announced plans to save 100 stores in a move that will likely safeguard roughly 1,500 jobs.

HMV collapsed into administration just after Christmas, blaming tough conditions on United Kingdom high streets and competition from streaming sites such as Netflix and Spotify.

However administrator KPMG says 27 stores will close immediately, resulting in a loss of 455 jobs.

Putman placed the bid over the weekend, beating out competition including Sports Direct's Mike Ashley, who was in talks to buy the United Kingdom music chain last month.

Administrator KPMG will retain a further 122 employees at warehouse functions to assist in winding down operations.

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The HMV in The Oracle could close after the company was bought out by Canadian company Sunrise Records.

HMV went into administration in December 2018 after a whopping 30% fall in demand for DVDs at Christmas.

Mr Putman 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.

We know the physical media business is here to stay'. It was the second time the music retailer had fallen into administration in 5 years.

HMV has been sold to Sunrise Records & Entertainment Limited, whose shareholder is Doug Putman, owner of Sunrise Records in Canada.

He owns more than 60 percent of Sports Direct and has bought companies including Evans Cycles, whole his company also owns stakes in French Connection and Debenhams.

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