Embattled UK retailer HMV has found a buyer, and secured a future for 1500 staff across 100 of its stores.
But 27 shops will close, BBC News reported, with the loss of 455 jobs.
HMV’s new owner is Canadian firm Sunrise Records, which beat competition from Sports Direct owner Mike Ashley, among others.
Sunrise Records is owned by Canadian entrepreneur Doug Putman, who previously took over HMV’s Canadian stores and rebranded them under the Sunrise Records label. But the UK’s HMV stores will remain under the HMV banner, Putman told Radio 4’s Today programme this morning.
HMV is expected to announce which UK stores are closing later today, when staff have been informed.
Back in December, previous HMV owner Hilco blamed a “tsunami” of retail challenges for the veteran high street chain’s latest fall into administration – its second in five years. Here’s hoping HMV’s future is secured for longer this time around.