HMV Rescued From Bankruptcy By Sunrise Records

UK HMV record store chain has been saved from bankruptcy by Doug Putman, who also runs the Canadian music retailer Sunrise Records. Sunrise also took over 70 HMV retail locations across Canada early in 2017, growing the Sunrise footprint from 12  to 82 stores overnight.

The core HMV brand, 100 stores and  almopst1500 jobs have been saved by the acquisition. But 27 HMV stores will close immediately, causing the loss of 455 jobs. 122 warehouse jobs will also be eliminated in the coming weeks. 

"We are delighted to acquire the most iconic music and entertainment business in the UK and add nearly 1,500 employees to our growing team," Putnam said in a statement. "By catering to music and entertainment lovers, we are incredibly excited about the opportunity to engage customers with a diverse range of physical format content, and replicate our success in Canada. We know the physical media business is here to stay and we greatly appreciate all the support from the suppliers, landlords, employees and most importantly our customers.”

The 34 year old Putnam and Sunrise have been the beneficiaries of the boom in vinyl, with Sunrise stores selling more than 500,000 vinyl records in 2017, at an average sticker price of $29.99.