Canada’s Sunrise Records owner Doug Putman has saved UK music and entertainment retailer HMV from going bust.
The Canadian entrepreneur has emerged as the successful bidder for the embattled retailer after administrator KMPG confirmed last month that a number of offers had been made.
The deal will see 100 stores taken over, with around 1,500 jobs rescued.
The remaining 27 stores will close immediately, with 455 redundancies being made as a result.
The 97-year-old British retail chain fell into administration in December for the second time in six years, having last fallen into administration in 2013 before being rescued by restructuring experts Hilco.
Putman’s Sunrise Records took over around 70 HMV stores in Canada when the chain went under in 2017.
There are over 80 Sunrise Records locations in Canada, having grown from five when Putman acquired the brand in 2014.
Putman will continue to operate to the UK stores under the HMV name.
“We are delighted to acquire the most iconic music and entertainment business in the UK and add nearly 1,500 employees to our growing team.”
“We are delighted to acquire the most iconic music and entertainment business in the UK and add nearly 1,500 employees to our growing team,” said Putman.
“By catering to music and entertainment lovers, we are incredibly excited about the opportunity to engage customers with a diverse range of physical format content, and replicate our success in Canada.”Music Business Worldwide