Canada’s Sunrise Records buys out HMV

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Canada’s Sunrise Records buys out HMV

HMV, a UK music retailer collapsed suddenly after the Christmas, had been sold to the owner of Canada’s Sunrise Records in a deal, the amount of which had not yet been revealed, yet the deal could be saving hundreds of stores in Britain and over 1,500 salaried jobs.

Branding the HMV as the most iconic entertainment and music business in the United Kingdom, the CEO of Sunrise Records, Doug Putman had been quoted saying on Tuesday, the 5th of February, that he was delighted to acquire the music retail business and would target to mimic the company’s success in Canada.

According to the administrators of the deal, 27 stores in Britain had not been included in the buyback offer and would be dissolved immediately, alongside 455 jobs. The buyback deal came as a relief to the crisis-sickened British music retailers, since it had been getting badly hurt over the recent pasts in crushing competitions from its online rivals, alongside prominent music streaming services, such as Spotify, Apple, Tidal & Amazon Music etc.

The HMV music group had a historical significance, since it had once been the pioneer of music retailing since early 1900s, and it was opened as a flagship store in London’s Oxford Street in 1921. The Joint administrator of the KPMG, Will Wright, had been quoted saying regarding the sell, that, the HMV’s suppliers had been the major target for Sunrise Records, which helped HMV to secure a deal, despite gloomier retail music outlook, overshadowed by the emerging online music & streaming industries.