Canadian music magnate Doug Putman rescues iconic high street brand from administration.
HMV has been rescued from administration by Canada-based Sunrise Records.
Canadian music magnate Doug Putman has stepped in for the iconic high street name, which was placed into administration by Hilco in late December.
Sunrise Records has acquired 100 HMV stores, with 1,487 store and head office staff transferring over, according to City AM. It will continue to trade under the HMV banner, while four stores will continue to use the Fopp brand.
However, 27 stores which were not part of the acquisition will now close.
“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 Doug. “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.
“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.”
It is the second time that Doug has bought HMV – he acquired 70 of the chain’s stores in Canada in 2017.