HMV is bought by Canadian retailer Sunrise Records with 1,500 jobs saved

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Among them was Sunrise Records, a Hamilton-based music store chain led by Doug Putman, which bought HMV's Canadian assets in 2017.

Yesterday it emerged that the Canadian music retailer, which uses Fleetwood Mac albums to explain its business model, was a leading contender to save the United Kingdom high street store chain.

Sunrise Records will buy 100 stores out of administration, securing 1,487 jobs however 27 "under-performing" stores will close, resulting in 455 redundancies.

Sunrise Records CEO Doug Putman said he was delighted to acquire "the most iconic music and entertainment business in the UK", and would aim to replicate his company's success in Canada.

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"We are pleased to confirm this sale which, after a complex process, secures the continued trading of the majority of the business", said Will Wright.

KPMG is due to announce the 27 stores that will close later on Tuesday, February 5.

'Our immediate concern is now to support those employees that have unfortunately been made redundant'. We know the physical media business is here to stay'.

Putman placed the bid over the weekend, beating out competition including Sports Direct's Mike Ashley, who was in talks to buy the United Kingdom music chain last month.

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The administrators of HMV, KPMG, has released its list of HMV stores planned for closure.

HMV has been saved from administration for a second time in six years.

Ashley wrote to HMV's landlords requesting the rent holiday as part of his deal to take over the company.

Speculation was mounting that he was plotting a merger between HMV and Game Digital, in which he has a more than 25pc stake.

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Hilco blamed a "tsunami" of retail challenges for the latest collapse, highlighting business rate levels and the increasing use of streaming services for music and films.