Sunrise Records will buy the majority of HMV stores

By: Alan Smith ajsmith@thekmgroup.co.uk

Published: 08:34, 05 February 2019

Updated: 08:47, 05 February 2019

Staff at HMV stores throughout Kent will wake up this morning wondering whether they are among the lucky ones who will keep their jobs.

The struggling music retail business has been in administration but last night the administrators KPMG announced that a buyer had been found - the Canadian company Sunrise Records owned by entrepreneur Doug Putman.

The firm will buy 100 of the chain's 127 stores - saving 1,487 jobs, but the remaining 27 stores will close, resulting in 455 redundancies. Which stores will close and which remain open has yet to be announced.

The HMV store in Canterbury

Mr Putman had already bought the HMV stores in Canada back in 2017.

He said in future HMV would stock more vinyl records, in response to growing customer demand.

mpu1

The move has surprised the City, with many expecting Sports Direct owner Mike Ashley to scoop up the brand.

In December it was announced that poor sales had put the company in administration for the second time in six years.