HMV rescue deal to save 100 stores

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He said: "We are delighted to acquire the most iconic music and entertainment business in the United Kingdom and add almost 1,500 employees to our growing team".

The department store chain is hoping to borrow more money to pay rent to its landlords.

Sunrise plans to boost vinyl sales at HMV, seeing LPs as a major revenue driver.

It is known that HMV stores have been unable to order as much new stock since it went into administration just after Christmas.

The move comes amid extreme pressure on physical retailers as customers buy more online.

The administrators will retain a further 122 employees at warehouse functions to assist them in winding down operations.

It was confirmed the Belfast store will continue to trade.

Peterborough's HMV store has been named as one of 27 to close across the UK.

Sunrise beat off competition from Newcastle United, and Sports Direct owner Mike Ashley to purchase the chain.

The Doncaster branch of HMV has been given a reprieve after the music chain was saved.

HMV's first ever store opened at 363 Oxford Street in 1921, before moving to a larger store at 150 Oxford Street in 1986.

It had been hoped that a bailout would preserve the familiar store on high streets up and down Britain, but 27 are still closing.

He has also built stakes in Debenhams and French Connection.

HMV in December announced that it had entered administration for the second time, seemingly unable to withstand the change in the way we consume media in the internet age.

Owner Hilco, a restructuring specialist, blamed a "tsunami" of retail challenges for HMV's failure.

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