This story has been updated.
Canadian music company Sunrise Records & Entertainment Limited has saved HMV from administration.
The retailer, owned by Doug Putman, has acquired 100 stores across the UK – securing 1,487 jobs.
However 27 stores were not part of the deal and will be closed with immediate effect, resulting in 455 redundancies.
Here in the North West, two HMV outlets will close (intu Trafford Centre and Southport), as well as one branch of Fopp located on Manchester’s Brown Street.
Putman, CEO of Sunrise Records, says: “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.”
Will Wright, Neil Gostelow and David Pike from KPMG’s restructuring practice were appointed joint administrators on 28 December last year.
Wright, partner at KPMG, adds: “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.”