Hastings HMV store looks to be saved after Canadian firm comes to the rescue

HMV, Hastings. 15/1/13 ENGSUS00120130115152506

The firm will buy 100 stores out of administration, securing 1,487 jobs. But 27 stores will close, including the iconic Oxford Street flagship st of HMV, which was the company’s first store, opened in 1921 by Sir Edward Elgar, the British composer.

The Hastings store was not on the list of HMV outlets to close.

Sunrise has said it will be keeping the HMV name.

Doug Putman, who runs the Canadian retailer Sunrise Records, said: “We are delighted to acquire the most iconic music and entertainment business in the UK and add nearly 1,500 employees to our growing team.”

He says wanted to expand HMV and would be offering more vinyl records, a wider selection of music and more live music events into stores.

He said he hoped to replicated Sunrise Records’ success in Canada, where he took over about 70 HMV store sites after the chain went bust there in early 2017. The business is now profitable and has more than 80 outlets after increasing sales every year.

Mr Putman said: “Talk about the demise of the physical business is sometimes a bit exaggerated, especially in music specialists. They once said books would be replaced by digital downloads. We’ll be here for quite some time.”