HMV business secured by Sunrise Records
HMV has been acquired from administration by Sunrise Records, a Canadian music retailer. Sunrise is already the owner of 70 HMV stores in its home country and will now add 100 UK HMV stores to its operations, securing the jobs of these stores' staff. There will however be 27 UK store closures which will involve 455 staff being made redundant. Among the stores earmarked for closure is the HMV flagship store on London's Oxford Street. The deal is, however, seen as the most positive outcome possible for the business.
"We are delighted to acquire the most iconic music and entertainment business in the UK and add nearly 1500 employees to our growing team," said Doug Putnam who heads the Sunrise Records business. Adding: "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".
Mike Ashley had also expressed interest in acquiring the HMV business after it entered administration after Christmas.