The HMV store at Westwood Cross is amongst those sold to Sunrise Records & Entertainment Limited, whose shareholder is Doug Putman, owner of Sunrise Records in Canada.
Sunrise Records & Entertainment Limited is taking on 100 stores across the UK, and 1,487 store and head office employees will transfer as part of the deal. The stores will continue to trade as HMV, with four stores continuing to trade as Fopp.
Another 27 stores have not been bought and will close immediately with 455 redundancies.
Administrators have now confirmed Westwood Cross is not amongst the closures. The store employs 13 full time members of staff
The administrators will retain a further 122 employees at warehouse functions to assist them in winding down operations.
Will Wright, Neil Gostelow and David Pike from KPMG’s Restructuring practice were appointed joint administrators on 28 December 2018.
The HMV collapse was blamed on a decline in the UK CD and DVD market with Christmas sales this year down 30% on 2017. It was the second time in 6 years administrators had been called in, the last being in 2013 when restructuring form Hilco came to the rescue.
HMV was founded in 1921 and over 97 years, has sold a range of products including audio, books, CDs, DVDs, video games, as well as an increasing range of movie, television and music merchandise.