HMV has been acquired out of administration by Canadian retailer Sunrise Records, safeguarding the future of nearly 1,500 staff. Sunrise, which is owned by Doug Putman, beat off competition from the likes of Mike Ashley for the stricken retailer and will acquire 100 stores across the UK. However, 27 unprofitable stores will close with immediate effect, resulting in 455 redundancies. Administrator KPMG will retain a further 122 employees at warehouse functions to assist in winding down operations. It was the second time HMV has collapsed in recent years, having filed for administration in 2013.

Source: Irish Examiner February 05, 2019 07:41 UTC