HMV saved by Canada’s Sunrise Records

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But the future of the chain was put in doubt on Friday, December 28, 2018 when it went into administration, with accountancy firm KPMG, based in Theale, tasked with either finding a buyer or shutting the whole business down.

The administrators will retain a further 122 employees at warehouse functions to assist them in winding down operations.

100 of the entertainment retailer's stores have been purchased by Doug Putman, owner of Canadian chain Sunrise Records.

Debenhams looking to close 20 stores this year The closures have been made with immediate effect - resulting in 455 redundancies.

Sunrise Records CEO Doug Putman said he was delighted to acquire "the most iconic music and entertainment business in the UK", and would aim to replicate his company's success in Canada.

Mr Ashley, who bought House of Fraser out of administration a year ago, had been hotly tipped as a potential buyer for HMV.

The 100 existing stores could be rebranded as Sunrise Records.

HMV said despite growing its market share through 2018, the sector expects to see the market fall another 17% in 2019, leading the directors to conclude it can not continue to trade. "We see HMV continuing on the in the United Kingdom for a long time". Administrators KPMG managed the stores in the interim and the final sale to Sunrise.

We know the physical media business is here to stay'.

The business as been acquired by Canadian retailer Sunrise Records, safeguarding the future of almost 1,500 staff.

"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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