Published: Tue, February 05, 2019
Business | By Eloise Houston

Canadian retailer Sunrise Records buys HMV stores

Canadian retailer Sunrise Records buys HMV stores

Earlier on Tuesday, it was confirmed that HMV is being rescued from administration by Doug Putman, a young retail mogul who owns a similar chain of Canadian stores called Sunrise Records.

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.

Putman is buying 100 HMV stores, which will save 1,487 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".

But the future of the chain was put in doubt on Friday, December 28, 2018 when it went into administration, with accountancy firm KPMG, based in Theale, tasked with either finding a buyer or shutting the whole business down.

The likes of Poundworld, Toys'R'Us and Maplin all went bust past year amid brutal trading, while heavyweights Marks & Spencer and Debenhams announced plans to shut hundreds of stores.

Several others - including Superdry, Carpetright and Card Factory - have all issued profit warnings.

Will Wright, joint administrator at KPMG, said HMV's suppliers were key in securing the sale.

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

Ashley wrote to HMV's landlords requesting the rent holiday as part of his deal to take over the company.

It is not yet clear whether the HMV store at Westwood Cross is one of those that has been saved.

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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