Wednesday, 24 April, 2019

HMV saved by Canada’s Sunrise Records

HMV rescue deal to save 100 stores Job-saving rescue deal agreed for HMV
Priscilla Morrison | 05 February, 2019, 16:41

The Canadian retail giant will buy 100 of HMV's stores securing almost 1,500 jobs, but 27 unprofitable shops will close immediately, resulting in 455 redundancies. A further 122 employees at warehouses will be retained to assist in winding-down operations.

Christian Stadler, a management professor at Warwick Business School in Coventry, England, said while Sunrise's purchase of HMV is "excellent" news for anyone preferring to buy music from a shop, rather than streaming or online, it would be foolish to think there is "scope for considerable growth".

HMV has been rescued from administration by a young retail mogul Doug Putman, who owns a similar chain of Canadian stores called Sunrise Records.

'Our immediate concern is now to support those employees that have unfortunately been made redundant'.

However, 27 stores will close with immediate effect, resulting in 455 redundancies.

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Neil Gostelow, partner at KPMG and joint administrator, added: "We are grateful for the support of all key stakeholders including the suppliers whose support throughout this process has been key in securing this sale".

HMV has been saved from administration for a second time in six years.

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

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The company went into corporate restructuring late past year, and a number of bidders came forward to buy the company.

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. Four of the sites staying afloat are under the Fopp sister brand.

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