HMV sold to Canadian firm Sunrise Records

HMV has been bought by Sunrise Records
HMV has been bought by Sunrise Records
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Collapsed music chain HMV has been saved after it was bought by Canadian firm Sunrise Records.

The company, owned by Canadian music mogul Doug Putman, emerged as the buyer after beating off competition such as Sports Direct owner Mike Ashley.

Sunrise Records will buy 100 stores out of administration, securing 1,487 jobs however 27 'under-performing' stores will close, resulting in 455 redundancies.

HMV has a number of stores across Lancashire including Preston, Blackpool and Lancaster. It is not been announced currently which stores are set to close.

Administrators KPMG, who ran the business until a buyer could be found, say they will tell staff this morning if their store is closing before saying which stores will be lost.

The company collapsed into administration for the second time in six years in December putting 2,200 jobs at risk. Stores remain open while negotiations are held with suppliers and bids are considered.

The 100 existing stores could be rebranded as Sunrise Records.

Canadian entrepreneur Mr Putman, 34, bought the retail chain Sunrise Records in 2014 and also bought HMV's Canadian business in 2017,

Mr Putman is also President of Everest Toys, the largest toys and games distribution company in North America.