HMV is bought by Canadian retailer Sunrise Records with 1,500 jobs saved

Gladys Abbott
February 5, 2019

Sunrise Records chief executive Doug Putman bought HMV's Canadian business in 2017, expanding his small chain into a national operation with 80 outlets.

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.

Sunrise has taken on 100 stores across the United Kingdom, and 1,487 store and head office employees are transferring as part of the deal.

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". It is not been announced now which stores are set to close.

But 27 stores have not been bought and will close immediately with 455 redundancies.

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"These are early days but the shop had a good period of trading over the Christmas period and it got a very good deal off us".

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

. The plan is to continue to operate them under their existing banners of HMV or Scottish based Fopp and not convert them to Sunrise Records.

'Our immediate concern is now to support those employees that have unfortunately been made redundant'.

Will Wright, Neil Gostelow and David Pike from KPMG's Restructuring practice were appointed joint administrators on 28 December 2018.

We hope that Government will play its part in helping to sustain important employers like HMV by reviewing the high levels of business rates that disadvantage physical stores compared to online traders.

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