Economy

Major HMV stores in London facing the axe following chain's sale

Major HMV stores in London facing the axe following chain's sale

Sunrise has taken on 100 stores across the United Kingdom, and 1,487 store and head office employees are transferring as part of the deal.

HMV, the British music retailer that collapsed after Christmas, has been sold to the owner of Canada's Sunrise Records in a deal that will save 100 stores and 1,487 jobs, its joint administrators said on Tuesday.

27 of the store's branches have not been saved and will close indefinitely, resulting in 455 job losses.

Administrator KPMG will retain a further 122 employees at warehouse functions to assist in winding down operations.

"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.

"With new investment and the support of labels, HMV can continue to offer music lovers the pleasure of browsing and buying physical music on the High Street".

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Both of the stores, and their staff, are safe from the axe. It is now unknown which stores are closing, with staff being informed first before a public announcement.

Neil Gostelow, partner at KPMG and joint administrator, added: 'We are grateful for the support of all key stakeholders including the suppliers whose support throughout this process has been key in securing this sale'.

HMV collapsed into administration just after Christmas, blaming tough conditions on United Kingdom high streets and competition from streaming sites such as Netflix and Spotify.

Mr Putman has a history with HMV, having bought the 70 stores in Canada after the chain went bust there in early 2017.

"Our immediate concern is now to support those employees that have unfortunately been made redundant".


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