HMV bought by Canadian music store mogul Doug Putman

HMV store

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.

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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.

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