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Will one of Norfolk's HMVs be one of the 27 stores to close immediately?

PUBLISHED: 08:57 05 February 2019 | UPDATED: 11:34 05 February 2019

HMV has been saved   Jonathan Brady/PA Wire

HMV has been saved Jonathan Brady/PA Wire

PA Wire/PA Images

HMV is to shut 27 unprofitable stores with immediate effect, resulting in 455 redundancies.

The chain has been acquired out of administration by Canadian retailer Sunrise Records, saving 100 other stores and nearly 1,500 staff.

The fate of Norfolk’s stores remains to be seen, with the county having outlets in Norwich and King’s Lynn.

Sunrise, which is owned by Doug Putman, beat off competition from the likes of Mike Ashley.

Mr Putman 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.

MORE: Debenhams looking to close 20 stores this year

“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.

“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.”

Administrator KPMG will retain a further 122 employees at warehouse functions to assist in winding down operations.

MORE: ‘Numerous options’ for Patisserie Valerie rescue deal

Will Wright, partner at KPMG and joint administrator, said: “We are pleased to confirm this sale which, after a complex process, secures the continued trading of the majority of the business.

“Our immediate concern is now to support those employees that have unfortunately been made redundant.”

Neil Gostelow, partner at KPMG and joint administrator, added: “We are grateful for the support of all key stakeholders including the suppliers whose support throughout this process has been key in securing this sale.”

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