UK retailer HMV lives to fight another day (again) after the chain was acquired by Canadian retailer Sunrise Records.
The deal will see 100 of HMV’s stores remain open (although not its famous Oxford Street outlet). 27 stores will close, with 455 layoffs, but nearly 1,500 of HMV’s staff will keep their jobs thanks to the acquisition.
HMV went into administration just after Christmas, and you might wonder whether an acquisition is just a stay of execution, given the wider trends (streaming in particular) that have impacted the business of what used to be a pre-eminent music retailer.
Yet Sunrise has thrived and even prospered in Canada in recent years against the same backdrop: its boss Doug Putman told the Guardian that he’ll be personally leading efforts to revive HMV’s business in the UK: including stocking more vinyl and holding more live-music performances in its stores. “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,” said Geoff Taylor, boss of industry-body the BPI.
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