Canadian firm Sunrise Records has pulled collapsed music store chain HMV out of administration.
Yesterday it emerged that the Canadian music retailer, which uses Fleetwood Mac albums to explain its business model, was a leading contender to save the UK high street store chain. And today, a deal (price unknown) has been confirmed.
Sunrise Records will buy out 100 stores, securing 1487 jobs under the new ownership, however the 27 stores to close will result in 455 redundancies, according to the BBC (opens in new tab).
Sunrise Records CEO Doug Putman said: “We are delighted to acquire the most iconic music and entertainment business in the UK.”
The deal saves HMV from collapse for the second time in six years after it went into administration just after Christmas.
In 2017, Sunrise Records bought HMV’s Canadian business after it got into trouble, and has since expanded it into 80 stores. Putman hopes to achieve similar success with the renowned music chain in the UK.