HMV has been bought by the Canadian entrepreneur and record owner Doug Putman.
The collapsed UK music and film retailer HMV has been rescued by Canadian mogul Doug Putman. Owner of Sunrise Records, Putman is a music entrepreneur who plans to keep 100 out of 127 HMV stores, saving 1,487 jobs.
27 branches of HMV will close immediately, costing the jobs of 455 employees.
In a statement announcing his new ownership, Putman said, “We are delighted to acquire the most iconic music and entertainment business in the UK and add nearly 1,500 employees to our growing team. By catering to music and entertainment lovers, we are incredibly excited about the opportunity to engage customers with a diverse range of physical format content, and replicate our success in Canada.”
“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.”
December marked the second time in six years that HMV had gone into administration. In 2013, it was bought out by financial investor Hilco Capital. Last month, Sports Direct owner Mike Ashley made a bid for the chain.
In 2017, when the retailer went under in Canada, Sunrise Records took over around 70 HMV stores.
UPDATE: 2.10pm (GMT)
The administrators of HMV, KPMG, has released its list of HMV stores planned for closure. These include the flagship Oxford Street store in London, and a number of Fopp shops. The full list is as follows:
Fopp, Glasgow Byres
Plymouth, Drake Circus