HMV store closures: 27 shops to close IMMEDIATELY after Canadian rescue

HMV store closures: 27 shops to close IMMEDIATELY after Canadian rescue

HMV, the British music retailer that collapsed after Christmas, has been sold to the owner of Canada's Sunrise Records in a deal that will save 100 stores and 1,487 jobs, its joint administrators said on Tuesday.

Yesterday it emerged that the Canadian music retailer, which uses Fleetwood Mac albums to explain its business model, was a leading contender to save the United Kingdom high street store chain.

However, Mr Putman will only be acquiring 100 stores, which means 27 shops are at immediate risk of closure.

Sunrise Records owner Doug Putman said: "We are delighted to acquire the most iconic music and entertainment business in the United Kingdom and add almost 1,500 employees to our growing team". Unfortunately, 27 stores have not been acquired, and will be closed with immediate effect, resulting in 455 redundancies.

Will Wright, partner at KPMG and joint administrator, said: 'We are pleased to confirm this sale which, after a complex process, secures the continued trading of the majority of the business.

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He owns more than 60 percent of Sports Direct and has bought companies including Evans Cycles, whole his company also owns stakes in French Connection and Debenhams.

It was the second time the retail giant had collapsed in almost six years having filed for administration in 2013.

He was one of several parties to put in a formal offer with KPMG, which was in charge of HMV's administration, before a deadline of January 15.

HMV, Britain's best known record store chain, has been hit by competition from online rivals and music streaming services.

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