HMV has been saved from administration by Canadian music mogul Doug Putman, owner of Sunrise Records – but 27 stores, including the flagship London Oxford Street branch, are closing down.
100 HMV stores saved Mr Putman’s acquisition will protect 100 HMV stores and 1,500 jobs. But the closure of 27 branches will result in 455 job losses, while a further 122 warehouse roles be cut in the coming weeks too.
HMV collapsed into administration for the second time in six years in December. Stores remained open while negotiations were held with suppliers and bids were considered. Mr Putman recently arrived in London with his lawyers in hopes of snapping up the floundering chain, the trade publication Music Week reported.
The music mogul took ownership of the Canada’s Sunrise Records in 2014 and went on to grow the business from eight stores to around 80 after acquiring HMV Canada two years ago.