HMV sold to Canadian firm Sunrise Records

HMV store

SAVED HMV has been saved from administration – but stores will close

KPMG was put in charge of finding a buyer for the almost 100-year-old British business after HMV filed for administration in the final days of 2018. 1,487 jobs have however been retained, with a further 122 secured in warehouses.

A list of those set to close has not yet been published, but it was business as usual in the Grand Arcade branch on Tuesday morning and this outlet, which only opened in November after a five-year Wigan hiatus, did not appear on a long "at risk" list published when the firm first called in the administrators.

The remaining 27 stores will be closed immediately and 455 staff will be made redundant, the administrators said.

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

Music chain HMV has been rescued from collapse by Doug Putman, the CEO of Canadian record store chain Sunrise Records, The Guardian reports.

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"We are delighted to acquire the most iconic music and entertainment business in the United Kingdom", he said in a statement.

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.

Sunrise Records took over around 70 HMV stores in Canada when the chain went bust in 2017. Those stores were rebranded as Sunrise Records, a chain of now 80 stores in North America.

In December, former owners Hilco sought a buyout following a "tsunami of challenges" including an "ongoing wave of digital disruption".

"With new investment and the support of labels, HMV can continue to offer music lovers the pleasure of browsing and buying physical music on the High Street".

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