Published: Tue, February 05, 2019
Markets | By Otis Pena

Canada’s Sunrise Records to buy failing HMV

Canada’s Sunrise Records to buy failing HMV

HMV, which has previously fallen into administration, became the first high street casualty after Christmas when its owner Hilco called in corporate undertakers before the end of previous year. A further 122 employees at warehouses will be retained to assist in winding-down operations.

Among them was Sunrise Records, a Hamilton-based music store chain led by Doug Putman, which bought HMV's Canadian assets in 2017.

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

MR Putman, chieF executive of Sunrise Records, 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".

Wigan's recently opened HMV store appears to have been spared the chop after the company was rescued from administration but 27 outlets in the chain were said to be closing with immediate effect.

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The 100 existing stores could be rebranded as Sunrise Records.

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Discussing the future of hmv, Doug continues: "We think it will be a long time".

In December, former owners Hilco sought a buyout following a "tsunami of challenges" including an "ongoing wave of digital disruption".

We know the physical media business is here to stay'.

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

KPMG, the administrators of music shop HMV, on Tuesday revealed the names of the 27 stores that will be closing under a proposed rescue deal for the chain, which went bust at the end of previous year. "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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