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Canadian retailer Sunrise Records could save HMV

Canadian music retailer Sunrise Records has joined the race to save HMV from going under.

The company previously took over 70 HMV stores in Canada back in 2017 when the chain went bust there.

According to MCV, it is currently unclear what the bid details are, or how many of HMV’s 125+ stores might be saved by the takeover.

Sunrise Records joins the race to save HMV a fortnight after Sports Direct tycoon Mike Ashley threw his hat in the ring.

Ashley is reportedly in talks with “key music and entertainment industry suppliers to HMV” in a bid to save the music and tech high street chain.

HMV fell into administration days after Christmas day, putting over 2,000 jobs at risk.

The High Court appointed KPMG to run the chain and try to keep all 125 stores open while a buyer is sought.

After the news, consumer association Which? warned those with gift vouchers spend them in-store ASAP. KPMG has said that it will honour gift cards – while stores are still trading.

The second time in 6 years that the retailer has fallen on hard times, HMV first fell into administration in January 2013. Three months later, Hilco signed a deal to see the restructuring firm take on around 141 HMV stores, nine Fopp outlets and around 2,500 employees.

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