×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Tags: APFN | EU | Britain | HMV

Canada's Sunrise Records to Buy Failing HMV

Canada's Sunrise Records to Buy Failing HMV

Tuesday, 05 February 2019 06:38 AM EST

LONDON (AP) — Canadian retailer Sunrise Records is pulling stricken retailer HMV out of bankruptcy in a deal that will safeguard some 1,500 jobs.

However administrator KPMG says 27 stores will close immediately, resulting in a loss of 455 jobs.

The move comes amid extreme pressure on physical retailers as customers buy more online. Poundworld, Toys'R'Us and Maplin went under last year, and major retailers like Debenhams are closing stores.

Management professor Christian Stadler of Warwick Business School says that while it is "excellent" news for those who prefer to buy their music from a shop, rather than streaming or online, it would be foolish to think there is "scope for considerable growth. HMV's new owners need to focus on carving out some sort of niche to ensure a future for the company."

© Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


GlobalTalk
Canadian retailer Sunrise Records is pulling stricken retailer HMV out of bankruptcy in a deal that will safeguard some 1,500 jobs.However administrator KPMG says 27 stores will close immediately, resulting in a loss of 455 jobs.The move comes amid extreme pressure on...
APFN,EU,Britain,HMV
132
2019-38-05
Tuesday, 05 February 2019 06:38 AM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
 
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
© Newsmax Media, Inc.
All Rights Reserved