100 stores will live to see another day on our high streets.
Doug Putman, owner of Canadian music chain Sunrise Records has today acquired 100 stores from the existing chain, HMV. With his bid beating rival offers from the likes of Sports Direct who bought and saved the House Of Fraser high street chain in 2018.
Putman, as reports from Music Week state, will keep the stores open under the HMV name, with four continuing to trade as Fopp. The remaining stores and their 1,487 store and head office employees will remain safe from redundancy. However 27 of the high street stores were not aqcuired in the buy, leading to their closure with immediate effect and the result in 455 redundancies.
Oxford Street has been confirmed amongst the list of closures across the UK.
As Putman said speaking on BBC Radio 4, “You can only lose so much money on those stores before you need to make a change. Unfortunetely rents are just very high at this time.” And went on later to say, “It’s just a fantastic heritage brand coming up shortly to the 100 year anniversary. It’s just so iconic, I feel really lucky to be able to say that we can continue to call it HMV.”
He also spoke about the chain looking to focus in on stocking vinyl records with customer demand rising.
The full list of stores are as below:
FOPP Glasgow Byres
London Oxford Street
Plymouth Drake Circus