HMV bought by Canadian music store mogul Doug Putman | The Guardian

A Canadian music entrepreneur has rescued HMV from collapse, taking over 100 shops and safeguarding 1,600 jobs.

Doug Putman, who runs the Canadian record retailer Sunrise Records, has bought the UK music and film retailer after emerging as the leading contender over the weekend, heading off competition from Mike Ashley, the Sports Direct boss.

HMV collapsed into administration just after Christmas, blaming tough conditions on UK high streets and competition from streaming sites such as Netflix and Spotify.

Under the deal, 27 of HMV’s will close with the loss of 455 jobs.

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. 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.â€

More details soon …

[from http://bit.ly/2lmv3YG]