HMV bought by Canadian music store mogul Doug Putman

The HMV store in Canterbury

HMV, which has previously fallen into administration, became the first high street casualty after Christmas when its owner Hilco called in corporate undertakers before the end of a year ago. KPMG, which oversaw the process, will retain a further 122 employees at warehouse functions to assist in winding down operations.

Earlier on Tuesday, it was confirmed that HMV is being rescued from administration by Doug Putman, a young retail mogul who owns a similar chain of Canadian stores called Sunrise Records.

However administrator KPMG says 27 stores will close immediately, resulting in a loss of 455 jobs. It is now unknown which stores are closing, with staff being informed first before a public announcement.

"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". However, HMV's name is staying put.

Federal prosecutors subpoena Trump’s inaugural committee
The head of the inaugural committee, Tom Barrack, confirmed to The Associated Press that he was questioned by Mueller in 2017. Cohen's home, office and hotel room, Federal Bureau of Investigation agents obtained a recorded conversation between Mr.

HMV collapsed into administration just after Christmas, blaming tough conditions on United Kingdom high streets and competition from streaming sites such as Netflix and Spotify.

Discussing the future of hmv, Doug continues: "We think it will be a long time". Administrators KPMG managed the stores in the interim and the final sale to Sunrise.

The HMV in The Oracle could close after the company was bought out by Canadian company Sunrise Records.

It had been hoped that a bailout would preserve the familiar store on high streets up and down Britain, but 27 are still closing.

Related News:



Most liked

The Times view on Nissan's change of plans in Sunderland: Driving Off
Clark himself told the Financial Times that Nissan told him their decision was "a warning sign" of the damage that a no-deal Brexit could have on Britain's vehicle sector.

Pope arrives in the UAE in landmark visit
Almost one million Catholic migrants reside in the UAE, mostly hailing from the Philippines and India. He called on Muslims in the Middle East to " embrace " and welcome local Christian communities.

Serena Williams offers Meghan Markle PR advice amid trolling
The journalist told viewers he knew Meghan for about a year and a half while she was working on Suits . "I never heard from her again".

Google Parent Alphabet Beats Holiday-Quarter Earnings Expectations
Cloud engineers and sales professionals also made up the bulk of the 4,000 employees it hired during the quarter, Porat said. Alphabet Inc . (NASDAQ: GOOGL) is set to report fourth-quarter and full-year results after the closing bell Monday.

Vijay Mallya's Extradition Cleared By UK, Has 2 Weeks To Appeal
The tycoon has 14 days to file his appeal in a higher court and if needed, to the Supreme Court. Mallya has been charged for fraud and money laundering amounting to around Rs 9,000 crore.

It’s wrong of Krish to attack me: Kangana Ranaut
She did not even spare writer Apurva Asrani, who had accused Ranaut of discrediting his work on their 2017 film " Simran ". Kangana told a reporter as she was exiting the Mumbai airport on Friday, "It is wrong of Krish to attack me like that".

General Motors starting white-collar layoffs this week
GM said that the employees who are laid off will be offered severance packages and job placement services. General Motors will begin handing out the first of 4,250 pink slips to its salaried workers on Monday.

‘It’s confirmed’ - Tori Spelling says ‘90210’ revival will feature original cast members
Tori goes on to explain who we can expect to see in the reboot and explains that most of our favourites will be back. When asked if this included Luke Perry , Tori was less confident but said "Luke will do as many as he can do".

Wildlife smuggling: Man smuggles month-old leopard cub on plane to India
Customs Commission Rajan Chaudhary said Kaja Moideen , a 45-year-old man from Chennai , was arrested, NDTV reported. The views expressed therein are not necessarily those of stlucianewsonline.com, its sponsors or advertisers.

HPV vaccine is safe, says cancer agency, slams 'unfounded rumours'
Kujundžić said an increase in breast cancer screening rates from the current 60 to 80% would save 3,000 lives in Croatia annually. Whilst science has advanced and deaths from cancer continue to decline, it still remains one of the biggest killers in the UK.

Instagram viral egg has big reveal plans during Super Bowl LIII
The most recent update suggests that EGG GANG will reveal all post-Super Bowl, on February 3. So, no wonder Hulu wanted to capitalize on the social media popularity of the egg.

Samsung Galaxy S10E official renders leaked!
So long as Samsung can provide a good reason to buy the S10E over the XR, I can see more people choosing this device over Apple's. Ahead of February 20th first preview press conference event, Samsung Galaxy F foldable phone video leaked online accidently.

WhatsApp for iPhone Gets Face ID, Touch ID Biometric Authentication
This option can be accessed by navigating to Settings Account Privacy within the application and enabling the Screen Lock feature. This is useful to keep your sensitive chat messages safe especially when you pass the phone to someone for a short while.

‘The Handmaid’s Tale’ Gives Explosive Look At Season 3 During Super Bowl
It won't be easy, and from the look of the trailer, June's world will be more risky than ever. "Wake up America", June says. A trailer for that season just dropped via the Super Bowl , #1 television event of the year for fans of Margaret Atwood.

New York Attorney General Enters Brooklyn Prison Lacking Heat For Days
Bob McGee, a spokesman for power company Con Edison, said they are ready to reconnect the electricity once repairs are completed. The trouble began on January 27 when an electrical panel caught fire at the prison, cutting off power to part of the facility.