Sunday, 17 February, 2019

HMV has been rescued from administration

The HMV store in Canterbury The HMV store in Canterbury
Laurie Berry | 05 February, 2019, 17:25

HMV has been bought out of administration by Canadian record chain Sunrise Records.

Yesterday it emerged that the Canadian music retailer, which uses Fleetwood Mac albums to explain its business model, was a leading contender to save the United Kingdom high street store chain.

Details of which stores are destined to be shuttered are not immediately available, but nearly 1,500 store and head office employees will keep their jobs as part of the transition.

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

Two HMV stores in Kent are set to close after the store announced a buyer has been found to take over most of its high street shops.

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

. Under the deal 27 HMV stores will close immediately with the loss of 455 jobs, with the further loss of 122 warehouse jobs to follow in the weeks to come. Those stores were rebranded as Sunrise Records, a chain of now 80 stores in North America.

Discussing the future of hmv, Doug continues: "We think it will be a long time".

'We know the physical media business is here to stay and we greatly appreciate all the support from the suppliers, landlords, employees and, most importantly, our customers'.

It is a music chain store that has always been a staple of the British high street.

Will Wright, partner at KPMG and joint administrator, said: "We are pleased to confirm this sale which, after a complex process, secures the continued trading of the majority of the business".

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