techkenyot.com
techkenyot.com February 18, 2019


HMV rescued by Sunrise Records; BP profits spill over; Ocado losses widen

05 February 2019, 05:24 | Hattie Nash

HMV was saved from administration today but 27 stores still face closure

Music Retailer HMV Goes Into Administration

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".

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KPMG, the administrators of music shop HMV, on Tuesday revealed the names of the 27 stores that will be closing under a proposed rescue deal for the chain, which went bust at the end of a year ago.

Staff at the affected stores are being spoken to today (February 5) and a list of the shops affected is expected later today.

HMV went into administration in December 2018 after a whopping 30% fall in demand for DVDs at Christmas. "I feel really lucky to be able to say that we can continue to call it HMV".

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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"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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