The music retail world began a rebuild this week when Sunrise Records of Ancaster, Ontario, came to the rescue of HMV UK, which had slipped into bankruptcy for the second time. No purchase price was announced by some people think the number might be $10 million.
Sunrise will get 100 HMV UK stores and close 27. The new number of jobs saved is 1,847.
Two questions have emerged. First, will the HMV stores be rebranded as Sunrise Records? Unknown, but doing that would be risky. HMV is a music retailing brand that goes back to 1921, so it has value. Then again, it’s been terribly damaged by its recent performance.
Second question: Could this mean a return of the HMV brand to Canada? Remember that Sunrise took over more than 70 HMV Canada stores on its way to expanding to 84 outlets from coast-to-coast. Sunrise CEO Doug Putnam would only say “unlikely, but definitely possible.”
Watch this space for more.