Feb 5, 2019

HMV chain saved but some stores will close

Canadian firm Sunrise Records has emerged as the buyer of collapsed music chain HMV, beating competition including Sports Direct owner Mike Ashley. Administrators KPMG, who ran the business until a buyer could be found, say they will tell staff this morning if their store is closing before saying which stores will be lost. There had been speculation that the shops might be rebranded as Sunrise Records stores after Mr Putman's rebranding of HMV's Canadian business. As the owner of more than 60% of Sports Direct, he has bought retailers including the House of Fraser department store chain and Evans Cycles. HMV sold 31% of all physical music in the UK in 2018 and 23% of all DVDs, with its market share growing month by month throughout the year.

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