HMV has again be rescued – this time by Canadian music store mogul, Doug Putman, saving 1,500 jobs. Unfortunately the deal will see the closure of 27 stores across the UK including the retailer’s Oxford Street flagship branch. The full list is as follows:
Fopp, Glasgow Byres
Plymouth, Drake Circus
These closures will leave a number of the county’s major cities with no or very little HMV presence including Bristol (which loses both the out of town Cribbs Causeway store and the boutique Fopp store), Manchester and Bath.
There had been speculation that Sports Direct owner, Mike Ashley might be getting close to putting together a package to rescue the music, game and DVD retailer but new interest from Putnam in the last week or so has lead to a surprise deal.
HMV has struggled in recent years as consumers adopt online streaming media in preference to physical copies of music, games and films. However there is a core audience who are keen to retain access to physical products and as such we hope that the chain can tap into this and thrive again.
Geoff Taylor, Chief Executive BPI and BRIT Awards, commented: “We are heartened that the large majority of HMV stores will continue to trade under the new ownership of Sunrise Records – a business with a successful track record in entertainment retail in Canada.
“With new investment and the support of labels, HMV can continue to offer music lovers the pleasure of browsing and buying physical music on the High Street. We hope that Government will play its part in helping to sustain important employers like HMV by reviewing the high levels of business rates that disadvantage physical stores compared to online traders. Meanwhile, we wish the new owners and the staff the very best as the chain heads towards its centennial celebration in 2021.”