Canadian record store chain Sunrise Records has been announced as the buyer for British entertainment retailer, HMV – saving it from administration.
Sports Direct owner Mike Ashley had been the favourite to step in and save the firm, but Sunrise Records made the bid that will buy over 100 stores out of administration – securing over 1500 jobs across the UK.
However, 27 stores will be closing in 2019, with over 450 members of staff set to lose their jobs.
The fee that Sunrise Records paid for HMV has not been released.
Doug Putman, owner of Sunrise Records said: “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. 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.”