Canadian music mogul snaps up HMV
Doug Putman, who runs the Canadian retailer Sunrise Records, has bought HMV, beating out Sports Direct boss Mike Ashley.
HMV collapsed into administration just after Christmas, blaming tough trading conditions and competition from such digital players as Netflix and Spotify. Putman plans to keep 100 of the chain’s 127 stores, safeguarding just under 1,500 jobs. 455 jobs will go, along with 122 warehouse positions.
“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. By catering to music and entertainment lovers, we are incredibly excited about the opportunity to engage customers with a diverse range of physical format content, and replicate our success in Canada,” Putnam says.
“We know the physical media business is here to stay and we greatly appreciate all the support from the suppliers, landlords, employees and most importantly our customers.”
Savvy’s Catherine Shuttleworth comments: “The buyer is not well known in the UK but has a successful music retail business in Canada and is committed to catering to music and entertainment lovers. It will be fascinating to see how the Canadian team approach business here in the UK market.”