Economy

Hmv Saved From Administration; 100 Stores To Stay Open

Hmv Saved From Administration; 100 Stores To Stay Open”

Canadian retailer Sunrise Records is pulling stricken retailer HMV out of bankruptcy in a deal that will safeguard some 1,500 jobs. But 27 stores will close with immediate effect, resulting in 455 redundancies. A further 122 employees at warehouses will be retained to assist in winding-down operations.

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".

Putnam, the owner of toy and games distributor Everest Toys, said however that physical music and entertainment formats had a future, and he would aim to replicate the success of Sunrise Records, which he bought in 2014.

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.

HMV became the first high street casualty after Christmas when its then owner Hilco called in corporate undertakers in December. We get unbelievable support, which is great.

The chain has struggled for years with competition from music streaming services and online competitors.

Chichester's HMV store has locked its doors today (Tuesday 5) as the company went into administration.

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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. Poundworld, Toys'R'Us and Maplin went under past year, and major retailers like Debenhams are closing stores.

The likes of Poundworld, Toys'R'Us and Maplin all went bust a year ago amid brutal trading, while heavyweights Marks & Spencer and Debenhams announced plans to shutter hundreds of stores.

HMV is set to shut its flagship London stores in Westfield and Oxford Street as part of a swathe of closures following a rescue deal with Sunrise Records.



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