New potential buyer emerges for HMV

A new potential buyer has emerged for struggling entertainment retailer HMV.

The Financial Times has reported that Canadian firm Sunrise Records has made a last-minute approach to buy the company out of administration. Sunrise president Doug Putnam is understood to be in talks with the company’s administrators.

Sports Direct’s Mike Ashley is also interested in acquiring the business.

Founded in 1977, Sunrise bought HMV’s Canadian arm out of administration in 2017 and took on 70 stores.

HMV called in administrators in December following “extremely weak” Christmas sales and what it described as further deterioration in the UK market for DVDs. The retailer also went into administration in 2013 and was then bought by Hilco Capital for £50 million.

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