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HMV rescued by Sunrise Records; BP profits spill over; Ocado losses widen
05 February 2019, 05:24 | Hattie Nash
Details of which stores are destined to be shuttered are not immediately available, but nearly 1,500 store and head office employees will keep their jobs as part of the transition.
Sunrise Records & Entertainment Ltd is acquiring 100 stores across the United Kingdom, and 1,487 store and head office employees will transfer as part of the transaction.
The firm's remaining 27 stores will close, resulting in 455 redundancies, and it has been revealed the store at Bluewater in Greenhithe and the Tunbridge Wells store in Royal Victoria Place, are set for closure. A further 122 employees at warehouses will be retained to assist in winding-down operations.
MR Putman, chieF executive of Sunrise Records, said: "We are delighted to acquire the most iconic music and entertainment business in the United Kingdom and add almost 1,500 employees to our growing team".
Mr Ashley, who bought House of Fraser out of administration previous year, had been hotly tipped as a potential buyer for HMV.
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Along with letting workers go, GM is also closing four manufacturing plants in the United States and another in Canada. Another 1,500 contracted employees are said to have not been offered an extension or renewal on their contracts.
"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".
"Our immediate concern is now to support those employees that have unfortunately been made redundant".
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.
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