LONDON (CelebrityAccess) – Canada’s Sunrise Records will officially purchase iconic UK music retailer HMV effectively saving the embattled brand from going belly up.
Sunrise president Doug Putman, who bought and converted HMV Canada locations in 2017, told BBC Radio 4, “I feel really lucky to be able to say we [will] continue to call it HMV.”
The 34-year-old Canadian entrepreneur emerged as the successful bidder after administrator KMPG confirmed last month that a number of offers, including one made by billionaire Sports Direct founder Mike Ashley, had been made.
Putman, who purchased Sunrise Records neatly seven years ago and subsequently negotiated leases from mall owners after HMV Canada declared bankruptcy in 2017, has since successfully expanded the Sunrise Records brand to more than 80 stores nationwide.
The deal will see Sunrise taking over UK HMV 100 locations, securing approximately 1,500 jobs, while the remaining 27 stores will close immediately, resulting in 455 layoffs.
The 97-year-old British retail chain fell into administration in late December for the second time in six years. The first time was back in 2013 before it was rescued by restructuring experts Hilco.
The Guardian has a list of the 27 stores in England that will shutter.