HMV bought by Canadian music store tycoon

A general view of the HMV (His master's voice) store entrance with neon sign on Oxford Street on January 03, 2019 in London, England.

Sunrise Records owner Doug Putman has bought the chain's UK arm, which went into administration last year.

Struggling UK record store company HMV has been handed another lifeline, having been bought out by Candian music store chain owner Doug Putman. The businessman is set to acquire around 100 of the 125 stores across the UK, saving close to 1,600 jobs.

A general view of the HMV store on December 30, 2018 in Cardiff, United Kingdom. The music retailer has announced it is calling in administrators KPMG - putting 2200 jobs at risk at 125...A general view of the HMV store on December 30, 2018 in Cardiff, United Kingdom. The music retailer has announced it is calling in administrators KPMG - putting 2200 jobs at risk at 125...

There had been other interested parties, including Sports Direct owner Mike Ashley, however, Putman’s bid was the one that was accepted. His Sunrise Records business took over 70 HMV sites in Canada following financial trouble the chain had there in 2017.

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