LONDON (CelebrityAccess) – Canadian music chain Sunrise Records has reportedly made a bid to seize control of troubled UK retailer HMV in a move that could save two-thirds of the company’s stores from closure.
The bid was made by Sunrise Records’ 34-year-old president Doug Putman, who acquired the 12-store Ontario-based music chain in 2013 and subsequently negotiated leases from mall owners after HMV Canada declared bankruptcy in 2017. Since then Putman has successfully expanded the Sunrise Records brand to 82 stores nationwide. The company currently employees more than 800 staff and sells upwards of a half-million vinyl LPs annually.
News of Putman’s bid arrives less than two weeks after billionaire Sports Direct founder Mike Ashley entered his own bid to save the floundering UK music chain.
Early last month, HMV fell into administration for the second time in six years. Now, if current management is unable to secure a deal this week, the chain could go into liquidation.