HMV has been saved by Canadian retailer Sunrise Records, safeguarding the future of nearly 1,500 staff and ensuring a future for stores in Aberdeen and Inverness.
Sunrise, which is owned by Doug Putman, saw off competition from the likes of Mike Ashley for the stricken retailer and will acquire 100 stores across the UK.
However, 27 unprofitable stores have closed with immediate effect, resulting in 455 redundancies.
The shuttered branches include the chain’s flagship Oxford Street store in London, which was the original site of its first ever shop in 1921.
Glasgow lost its HMV store at the Braehead Shopping Centre and Fopp on Byres Road, while Ayr lost its HMV store.
They were the only Scottish stores lost. The Aberdeen and Inverness branches are key stores on Union Street and in the Eastgate Centre respectively.
Mr Putman, 34, bought Sunrise Records in 2014 when it had just five stores.
He has since overseen its expansion to 84 sites following the purchase of 70 HMV stores, after the Canadian arm went bust in 2017.
He 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.”
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HMV had collapsed into administration in December – the second time in a decade.
The likes of Poundworld, Toys ‘R’ Us and Maplin all went under last year amid brutal trading conditions.
Marks & Spencer and Debenhams have also announced plans to shutter hundreds of stores.
Several others – including Superdry, Carpetright and Card Factory – have issued profit warnings.
