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		</div><p>HMV has been acquired out of administration by Canadian retailer Sunrise Records, safeguarding the future of nearly 1,500 staff.</p>
<p>Sunrise, which is owned by Doug Putman, beat off competition from the likes of Mike Ashley for the stricken retailer and will acquire 100 stores across the UK.</p>
<p>However, 27 unprofitable stores will close with immediate effect, resulting in 455 redundancies.</p>
<p>Administrator KPMG will retain a further 122 employees at warehouse functions to assist in winding down operations.</p>
<blockquote><p>IWe know the physical media business is here to stay and we greatly appreciate all the support</p></blockquote>
<p>Mr Putman 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.</p>
<p>“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.</p>
<p>“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.”</p>
<p>HMV became the first UK high street casualty after Christmas when its then owner Hilco called in corporate undertakers in December.</p>
<p>It was the second time HMV has collapsed in recent years, having filed for administration in 2013.</p>
<p>The likes of Poundworld, Toys’R’Us and Maplin all went bust last year amid brutal trading, while heavyweights Marks &; Spencer and Debenhams announced plans to shutter hundreds of stores.</p>
<p>Several others – including Superdry, Carpetright and Card Factory – have all issued profit warnings.</p>
<p>Will Wright, partner at KPMG and joint administrator, said: “We are pleased to confirm this sale which, after a complex process, secures the continued trading of the majority of the business.</p>
<p>“Our immediate concern is now to support those employees that have unfortunately been made redundant.”</p>
<p>Neil Gostelow, partner at KPMG and joint administrator, added: “We are grateful for the support of all key stakeholders including the suppliers whose support throughout this process has been key in securing this sale.”</p>
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