February 5th, 2019, 17:46 Posted By: wraggster
UK entertainment retail chain HMV has been rescued from administration by Canada's Sunrise Records.
The BBC reports the latter firm will buy 100 stores for an undisclosed sum and secure just shy of 1,500 jobs.
Unfortunately, 27 stores will still have to close and 455 employees will be let go. KPMG, the administrator that has been running HMV while seeking a buyer, is expected to tell staff today whether their store is to close.
HMV entered administration just days after Christmas, with chairperson Paul McGowan attributing this to a number of factors: the "unsustainable" deterioration of the DVD market, rising business rates and the rise of government-centric policies, plus the "general malaise of the UK High Street."
It was the second time the chain had entered administration, following similar troubles in January 2013. It was soon rescued by Hilco.
Sunrise Records, the retailer's saviour this time around, is run by Canadian entrepreneur Doug Putman, who previously bought HMV's business in his home market back in 2017. This transformed Sunrise Records from a small chain into a nationwide retailer.
Speaking to BBC Radio 4's Today programme, Putman said: "I feel really lucky to be able to say we [will] continue to call it HMV.
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