HMV rescue deal to save 100 stores

HMV rescue deal to save 100 stores

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He is owner and president of the Sunrise Records chain, which has close to 100 locations across Canada. It is not been announced now which stores are set to close.

"I spoke to the manager this morning and he was upbeat and chipper. Also we have not had any notifications from landlords or KPMG which is a good thing".

The music retailer, which has been running for almost 100 years, has been taken over by the Canadian retailer, Sunrise Records, which has acquired 100 stores across the United Kingdom, it has been reported.

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

In a written statement issued on Tuesday, Putman said "the physical media business is here to stay", noting he was "delighted to acquire the most iconic music and entertainment business in the United Kingdom".

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The administrators of HMV, KPMG, has released its list of HMV stores planned for closure.

Putnam, the owner of toy and games distributor Everest Toys, said however that physical music and entertainment formats had a future, and he would aim to replicate the success of Sunrise Records, which he bought in 2014. Unfortunately, 27 stores have not been acquired, and will be closed with immediate effect, resulting in 455 redundancies.

'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'.

Several others - including Superdry, Carpetright and Card Factory - have all issued profit warnings.

Geoff Taylor, Chief Executive BPI and BRIT Awards, commented: "We are heartened that the large majority of HMV stores will continue to trade under the new ownership of Sunrise Records - a business with a successful track record in entertainment retail in Canada". We get fantastic support, which is great.

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