In this file photo dated Dec. 28, 2018, people pass a CD music and entertainment retailer HMV shop in London. (AP Photo/Frank Augstein, FILE)

Canada’s Sunrise Records to buy failing HMV

Most jobs will be saved, though 27 stores will close immediately

Canadian retailer Sunrise Records is pulling stricken retailer HMV out of bankruptcy in a deal that will safeguard some 1,500 jobs.

However, administrator KPMG says 27 stores will close immediately, resulting in a loss of 455 jobs.

Sunrise Records will acquire 100 stores across the United Kingdom, and 1,487 stores and head office employees will transfer as part of the transaction.

The stores will continue to operate as HMV, with four stores continuing under the Fopp banner.

RELATED: Sunrise Records to move into 70 closing HMV locations

“We are delighted to acquire the most iconic music and entertainment business in the UK,” Sunrise Records chief executive Doug Putman said in a statement.

“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 move comes amid extreme pressure on physical retailers as customers buy more online. Poundworld, Toys’R’Us and Maplin went under last year, and major retailers like Debenhams are closing stores.

Management professor Christian Stadler of Warwick Business School says that while it is “excellent” news for those who prefer to buy their music from a shop, rather than streaming or online, it would be foolish to think there is “scope for considerable growth. HMV’s new owners need to focus on carving out some sort of niche to ensure a future for the company.”

— With files from The Associated Press

The Canadian Press


Like us on Facebook and follow us on Twitter.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

It happened in 1913

Sept. 20 - 26: Compiled by Dave Humphrey from the newspapers at the Cranbrook History Centre and Archives

A Winter’s Tale: Live theatre returns to Cranbrook with “Almost, Maine”

Cranbrook Community Theatre presentation, opening Friday, shows us how we leave each other, and how we make our way back

MP Morrison faults federal Throne Speech as new Parliament session begins

Kootenay-Columbia representative criticizes a lack of focus on jobs, support for resource sector

City grants permissive tax exemption for indoor facility

Cranbrook city council voted in favour of granting a permissive tax exemption… Continue reading

Ringing in a new season of Hugs and Slugs

Hugs: To our local photographers! I have had a bird coming to… Continue reading

B.C.’s top doctor thanks supporters after revealing threats over COVID-19 measures

Dr. Bonnie Henry says COVID-19 has caused some people to lash out in anger and frustration out of fear

West Kootenay mother searching for son missing since Sept. 1

Nelson police are investigating the disappearance of Cory Westcott

NDP, Greens divided on pace of child care improvements in B.C. election campaign

NDP Leader John Horgan recommitted to $10-a-day child care and blamed the Greens for not supporting his efforts

Category 2 open burning prohibitions rescinded throughout Southeast Fire Centre

Category 3 open fires, as defined in the Wildfire Regulation, remain prohibited

Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

BC Liberal Leader talks drug addiction in the Lower Mainland

Drug addiction and public safety a top priority says Andrew Wilkinson

Pandemic derails CP Holiday Train

Canadian Pacific will work to get donations to food banks while also producing an online music concert

Interior Health reports five new COVID-19 cases

Across the region, 34 cases are active

Most Read