Canadian company Sunrise Records has rescued HMV from administration, but 27 of HMV’s 100 stores in the UK will be closed.
HMV collapsed into administration on 28 December 2018. However, the BBC has revealed that Sunrise Records has bought the much-loved music and games retailer for an undisclosed sum, securing nearly 1,500 jobs. 27 HMV shops will close, though, leading to 455 redundancies.
The BBC also revealed which 27 stores will close – a list that includes the company’s flagship on London’s Oxford Street and several branches of Fopp, which HMV owned.
Sunrise Records is owned by a Canadian entrepreneur called Doug Putman, who bought HMV’s Canadian business in 2017. Speaking to BBC Radio 4, he said: “I feel really lucky to be able to say we [will] continue to call it HMV. There is no doubt that online is a big part of overall retail sales. But people like to come into a store, have an experience, talk with someone who understands music, loves music, loves video and entertainment. If you think online is the only future, I don’t think that is the case. There is so much you get from coming into a store than you can’t get online.”
For further information, you might want to watch HMV’s website.