Sunday, 25 August, 2019

Hmv Saved From Administration; 100 Stores To Stay Open

HMV store HMV store
Russell Knight | 05 February, 2019, 18:44

Sunrise Records owner Doug 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".

Under the deal, 27 of HMV's will close with the loss of 455 jobs.

Sunrise, which is owned by Doug Putman, beat off competition from the likes of Mike Ashley. 1,487 jobs have however been retained, with a further 122 secured in warehouses.

It was the second time HMV has collapsed in recent years, having filed for administration in 2013.

"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", he said in a statement. It is not been announced now which stores are set to close.

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

They include the Oxford Street branch, where the music and film retailer's first branch was opened in 1921.

Will Wright, Neil Gostelow and David Pike from KPMG's Restructuring practice were appointed joint administrators on 28 December 2018.

It was the second time the retail giant had collapsed in almost six years having filed for administration in 2013.

Putman bought several of HMV Canada stores when the brand went into administration in 2017.

He owns more than 60 percent of Sports Direct and has bought companies including Evans Cycles, whole his company also owns stakes in French Connection and Debenhams.

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