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Canada's Sunrise Records to buy failing HMV

Feb 05, 2019 - Associated Press Financial Wire

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...