HMV

Canadian Buys HMV

The Guardian reports that Doug Putman of Sunrise Records is the new owner of HMV and that 100 of the 127 stores will remain open in the United Kingdom, saving 1500 jobs.

Sunrise Records, a record store chain that was founded in Toronto in 1977, had taken over several HMV stores in Canada shortly after HMV Canada had closed their stores by April 30th, 2017.

A Sad Day In The U.k

The last remnants of HMV are in trouble in the United Kingdom according to Sky News, a year and a half after closing in Canada.

Founded in 1921 in London, this music store flourished and became Britain’s largest music retailer until running into financial issues in 2010 due to the shift towards digital music and film, which resulted in the closure of the World’s Largest Music Store on Oxford Street on January 14th, 2014 and Irish chain in August 2016.

Today the chain has entered administration for the second time since January 5th, 2011 and at risk are 130 stores and 2200 employees.


Sunrise Records To Expand

Ontario music retailer Sunrise Records is planning on expanding into several former HMV locations through-out Canada this spring.

This chain’s nine stores are currently located in the province of Ontario and the company has been negotiating to take over 70 former HMV locations according to the Globe and Mail.

Unfortunately this will not include the flagship store at the corner of Yonge and Dundas in Toronto and several key street level locations in Canada. But the retailer is hoping to become profitable in 2018 regardless of their inability to secure these locations.

Goodbye HMV Canada

HMV Canada is closing all of its over 100 retail locations and everything is being sold at 30% off original ticket price at these stores.

They will be closing these stores by April 30th, 2017, permanently.