Sunrise Records joins takeover battle for HMV
Canadian music retail chain Sunrise Records has been revealed as leading contender to take over HMV, which is also being tracked by Mike Ashley.
Doug Putman, the mogul who runs the Canadian record retailer, entered the race to buy the struggling UK music and film retailer HMV which went into administration after the Christmas holidays. Sunrise Records already took over 70 HMV stores in Canada in early 2017.
In the other corner of the ring, Sports Direct founder Ashley said recently he was considering entering a bid for HMV to grow his retail empire. Ashley recently bought House of Fraser and Sofa.com as both firms were also struggling to stay afloat.
KPMG, which is handling the administration, declined to comment on the takeover process.
The collapse risks 2,200 jobs at 125 stores, which are continuing to trade while the bids are considered.
The Canadian retailer’s bid would secure the future of up to 90 of HMV's UK stores, the BBC reported. Although it is thought the HMV brand could disappear and be replaced by Sunrise's if the bid is accepted.