HMV Phoenix to Rise From Flames of Previous Phoenix

By Gary Cutlack on at

HMV is being saved from administration, again, with the new buyer of the chain promising to keep as many as 100 of the branches open for the business of selling physical music and discs to the elderly.

There's a bit of good news here for haters of Mike 'Sports Direct' Ashley too, as his attempt at buying the group's assets on the cheap has been thwarted. The current HMV is being purchased from the administrators by Canadian music chain Sunrise Records, which says it'll keep 1,487 employees in work -- but 455 are to be made redundant from the abandonment of 27 of the less profitable branches.

Sunrise's Doug Putman said: "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." [Sky News]