High street music store HMV has been saved from complete closure after being bought by Canadian company Sunrise Records.
Under the deal, 100 of HMV’s 127 stores will remain open, saving a total of 1,487 jobs. There will be 455 redundancies however as a result of the closure of the other 27 stores. Amongst those closures is HMV’s flagship store on Oxford Street.
The news comes after the high street shop went into administration in December of 2018, following an increased downturn in sales reflected across a number of high street retailers. Poor sales have naturally also come as a result of the increased move away from purchasing physical music.
Under Sunrise Records’ ownership however, there are plans to increase the amount of vinyl that HMV stocks. Sunrise Records Chief Executive Doug Putman confirmed the move owing to increased customer demand in their existing stores. In 2017, the company bought 80 HMV shops in Canada.
