HMV has been acquired from KPMG administrators by Canadian retailer, Sunrise Records beating billionaire retailer, Mike Ashley.
The future of 1,500 is looking good but, stores with low to no profit will close with immediate effect, as a result there will be 27 store closures and 455 redundancies.
Will Wright, partner at KPMG and joint administrator, said: “We are pleased to confirm this sale which, after a complex process, secures the continued trading of the majority of the business.
“Our immediate concern is now to support those employees that have unfortunately been made redundant.”
Neil Gostelow, partner at KMPG and joint administrator said, “We are grateful for the support of all key stakeholders including the suppliers whose support throughout this process has been key in securing this sale.”
KPMG will continue to employ 122 staff at warehouses to assist with winding down operations.
Doug Putman, owner of Sunrise Records said, “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.
“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.”