Iconic British music chain HMV has been rescued from administration by Canadian retailer Sunrise Records in a deal that saves 100 stores and nearly 1,500 jobs, administrators KPMG announced Tuesday.
The firm will buy 100 stores out of administration, securing 1,487 jobs. But 27 HMV stores will close, resulting in 455 redundancies.
Sunrise Records chief executive Doug Putman said he was "delighted to acquire the most iconic music and entertainment business in the UK."
"There's in no doubt that online is a big part of overall retail sales. But people like to come into a store, have an experience, talk with someone who understands music, loves music, loves video and entertainment. If you think online is the only future I don't think that is the case."