HMV has been bought by Canadian record store chain, Sunrise Records
1,500 jobs have been saved by the deal...
HMV has been bought by Canadian record store chain Sunrise Records, it was confirmed today.
The rescue ends over a month of uncertainty, and will safeguard around 1,500 jobs. Sadly, though, some 27 stores will close across the UK, resulting in the immediate loss of 455 members of staff, with a further 122 warehouse positions also set to go in the near future.
“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," Doug Putman, CEO of Sunrise Records, said in a statement.
The company already owns 70 HMV stores in Canada, which were bought when the chain collapsed in 2017, with Sunrise itself boasting 80 of its own shops. Its success has been attributed to the resurgent vinyl market.
Mike Ashley, head of Sports Direct, had also been interested in the HMV deal.
Find out more about HMV here.
