Venerable high street entertainment brand HMV has been saved from the brink of administration, with Canadian firm Sunrise Records sweeping in to buy out the business.
Announcing the rescue deal, Sunrise Records chief executive Doug Putman described HMV as a "fantastic, heritage brand" during an interview with BBC Radio 4 Today, confirming that the name and logo would be retained.
Putman said: “There's in no doubt that online is a big part of overall retail sales. But people like to come into a store, have an experience, talk with someone who understands music, loves music, loves video and entertainment. If you think online is the only future I don't think that is the case.
“There is so much you get from coming into a store that you can't get online.”
No stranger to the industry Putman previously took over HMV’s Canadian arm in 2017, transforming Sunrise Records into a national chain with 80 stores in the process.
In the UK Putman intends to turn around the business by prioritising vinyl record sales and broadening its catalogue of films and music.
Under the terms of the deal, Sunrise Records will acquire all 100 stores, including responsibilities for all 1,487 staff – although it has confirmed that 27 stores, to be identified later today, will close with the loss of 455 jobs.