Published Feb 04, 2019After expanding across Canada, Sunrise Records is apparently looking to buy HMV's failing stores in the U.K.
According to various media reports, Hamilton's Doug Putman, president of Sunrise Records, has made an offer to take over the British music retailer, the BBC points out. Insiders close to negotiations claim that HMV's creditors are open to the offer, though no concrete financial details have been revealed.
The move to take over the failing music retailer pits Putman against Sports Direct founder Mike Ashley, who has also placed a bid to take over HMV.
Putman's bid would reportedly secure the future of up to 90 of HMV's 130 U.K. stores. However, an initial report from Music Week suggested that the HMV brand could be replaced by that of Sunrise if Putman's bid is successful.
At the end of December, HMV announced that it was going into administration again in the U.K.
The company blamed "a dramatic change in consumer behaviour in the entertainment market" — partially a result of digital streaming — as the reason for entering administration for the second time in six years.
All of HMV's Canadian locations closed in 2017. Later that year, Sunrise Records announced that it would be opening 70 new stores in former HMV locations across Canada.