HMV has been bought by Canadian record store chain Sunrise Records, the deal will save 100 stores and 1,487 jobs, while 27 stores are expected to shutter resulting in 455 redundancies.
No price has been given for the entertainment retailer, with staff expected to be notified if their store is closing this morning. Sunrise Records CEO, Doug Putman saying he was “delighted to acquire the most iconic music and entertainment business in the UK” adding that HMV was a “fantastic, heritage brand”. The retail boss was rivalling Sports Direct owner, Mike Ashley, who had already placed a bid for the entertainment retailer.
Putman already owns HMV’s Canadian arm, when in 2017 he turned his small chain into an 80-store strong brand. The entrepreneur is also currently president at Everest Toys, North America’s largest toys and games distribution firm, as well as the owner of restaurant, The Granit in Bancroft, Ontario, and Makin Waves Marine, a boat dealer.
The new owner’s plans for HMV include stocking a larger range of vinyl records in response to customer demand and keeping the store’s existing name, dispelling fears the retailer’s stores would continue to trade under the Sunrise Records name.
Putman said: “It is very clear that the customer wants more selection on vinyl, more depth of catalogue.
“There’s in no doubt that online is a big part of overall retail sales. But people like to come into a store, have an experience, talk with someone who understands music, loves music, loves video and entertainment. If you think online is the only future I don’t think that is the case. There is so much you get from come into a store that you can’t get online.”