HMV bought by Canadian record store chain Sunrise Records

CEO Doug Putman said “We are delighted to acquire the most iconic music and entertainment business in the UK”.

Music chain HMV has been rescued from collapse by Doug Putman, the CEO of Canadian record store chain Sunrise Records, The Guardian reports.

The music entrepreneur will take over 100 shops across the UK, safeguarding 1,500 jobs. Under the deal 27 HMV stores will close immediately with the loss of 455 jobs, with the further loss of 122 warehouse jobs to follow in the weeks to come.

Putman placed the bid over the weekend, beating out competition including Sports Direct’s Mike Ashley, who was in talks to buy the UK music chain last month. “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”, he said in a statement.

Sunrise Records took over around 70 HMV stores in Canada when the chain went bust in 2017. Putman has been CEO of the company since 2014, which now has more than 80 outlets in Canada. Its success is due in part to the renewed popularity in vinyl, with the music chain reportedly selling nearly 500,000 vinyl albums in 2017.

Speaking to BBC Radio 4’s Today Program, Putnam said: “We believe it’s a chain that’s going to be around…the customers love it. We get amazing support, which is great. So I think this is a very long road ahead.”