Canada's Sunrise Records to buy failing HMV

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Canada's Sunrise Records to buy failing HMV

But the future of the chain was put in doubt on Friday, December 28, 2018 when it went into administration, with accountancy firm KPMG, based in Theale, tasked with either finding a buyer or shutting the whole business down. KPMG, which oversaw the process, will retain a further 122 employees at warehouse functions to assist in winding down operations.

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. There are 455 redundancies at the 27 stores that have not been acquired.

"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", says Doug in a statement.

Mr Ashley, who bought House of Fraser out of administration past year, had been hotly tipped as a potential buyer for HMV.

"It's just a fantastic heritage brand coming up the 100 year anniversary shortly", Putman told BBC Four's Today programme.

Will Wright, joint administrator at KPMG, said HMV's suppliers were key in securing the sale.

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".

KPMG, the administrators of music shop HMV, on Tuesday revealed the names of the 27 stores that will be closing under a proposed rescue deal for the chain, which went bust at the end of past year.

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