HMV rescued by young retail mogul from Canada

HMV rescued by young retail mogul from Canada

A Canadian music entrepreneur has rescued HMV from collapse, taking over 100 shops and safeguarding 1,500 jobs.

Among them was Sunrise Records, a Hamilton-based music store chain led by Doug Putman, which bought HMV's Canadian assets in 2017.

27 of the store's branches have not been saved and will close indefinitely, resulting in 455 job losses.

Administrator KPMG will retain a further 122 employees at warehouse functions to assist in winding down operations.

CEO Doug Putman said "We are delighted to acquire the most iconic music and entertainment business in the UK".

Mr Putman said: 'We are delighted to acquire the most iconic music and entertainment business in the United Kingdom and add almost 1,500 employees to our growing team. We hope that Government will play its part in helping to sustain important employers like HMV by reviewing the high levels of business rates that disadvantage physical stores compared to online traders.

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HMV became the first high street casualty after Christmas when its then owner Hilco called in corporate undertakers in December.

Neil Gostelow 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".

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

The 54-year-old Sports Direct founder has already bought Evans Cycles and House of Fraser in cut-price deals within the last six months.

Details of the stores earmarked for closure have not yet been revealed. The stores will continue to trade as HMV, with four stores continuing to trade as Fopp.

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