HMV saved from administration – rescuing 1,500 jobs
HMV – which has a number of stores across the West Midlands, including the flagship Birmingham Bullring store – has been saved from administration by Canadian music mogul Doug Putman.
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Doug Putman, who owns Canadian record store Sunrise Records as well as HMV’s Canadian branch, has purchased the famous UK entertainment retailer after fending off a number of potential suiters – including Sports Direct owner Mike Ashley.
As part of the deal, 100 stores will remain open, saving around 1,500 jobs, while 27 will close. The closures will result in 455 job losses.
Speaking of the deal, Putman said: “We are delighted to acquire the most iconic music and entertainment business in the UK and add nearly 1,500 employees to our growing team. 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.
“We know the physical media business is here to stay and we greatly appreciate all the support from the suppliers, landlords, employees and most importantly our customers.”
HMV collapsed in December 2018, marking its second spell of administration in just six years.
HMV currently has West Midlands stores in Birmingham, Solihull, Merry Hill, Redditch, Coventry and Wolverhampton, with Merry Hill not surviving the cull.
List of confirmed store closures:
Fopp, Glasgow Byres
Plymouth, Drake Circus
This is a developing story. More as we have it.
Founding editor of Counteract. Freelance travel and music journalist.