HMV store in Bury St Edmunds is safe for the future

The HMV store in the Arc Shopping Centre, Bury St Edmunds, has been saved from closure but 27 other outlets across the country are to close.

News of the closures came today as Canadian firm Sunrise Records emerged as the buyer of the collapsed music chain beating competition including Sports Direct owner Mike Ashley.

The firm will buy 100 stores out of administration, securing 1,487 jobs. However, 27 stores will close, resulting in 455 redundancies.

The administrators KPMG announced that the company’s flagship Oxford Street store in London is among the 27 outlets set to close.

The HMV stores in Manchester (Trafford Centre), Sheffield (Meadowhall) and Glasgow (Braehead) are also set to shut.

Check here for a list of stores set to close.

Canadian entrepreneur Doug Putman, 34, bought the retail chain Sunrise Records in 2014.

He previously bought HMV’s Canadian business in 2017, expanding his small chain into a national operation with 80 outlets.

Mr Putman is also President of Everest Toys, the largest toys and games distribution company in North America.

He said the chain would be looking to stock more vinyl records, in response to customer demand.

Leave a Reply

Your email address will not be published. Required fields are marked *