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Event-marketing specialists, Start360 Group, welcomed the news that HMV had been saved from administration by Canadian record chain Sunrise Records, with nearly 1500 jobs saved as a result.
As a music lover, Managing Director at Start360 Group, Glen Lowes was pleased to see that the leading music retailer had been bought out of administration. With 2018 being a negatively record-breaking year for the high street, with a plethora of store closures and thousands of job losses, Mr. Lowes applauded the move that saved HMV.
In the last twelve months, almost 20,000 shops and restaurants closed their doors, with 148,132 jobs lots, according to end of year figures compiled by the Centre for Retail Research.
HMV has revealed that all of its North East stores will remain open, despite the chain shutting 27 of its branches, which Start360 Group have applauded.
The CD and DVD retailer was bought out of administration by Canadian retailer Sunrise Records, beating off competition from Sports Direct founder Mike Ashley. While the takeover will result in the closure of 27 unprofitable stores, resulting in 455 redundancies, the move has secured the future for the majority of HMV’s 1500 staff.
‘The high street has taken a real battering recently, and it’s great news that HMV has been rescued and that people’s jobs have been saved,’ commented Mr. Lowes.
Founded in 1921, HMV went on to become a staple of the UK high street. It previously filed for administration in 2013 and was acquired by Hilco. KPMG were appointed administrators on December 28th last year. With consumer habits changing, with shopping being done online, high street stores have struggled to adapt to the change in consumer habits.
Owner of Sunrise Records, Doug Putman, said, ‘By catering to music and entertainment lovers, we are incredibly excited about the opportunity to engage customers with a diverse range of physical format content and replicate our success in Canada. We know the physical media business is here to stay and we greatly appreciate all the support from the suppliers, landlords, employees and, most importantly, our customers.’
The firm revealed that they plan to carry more Vinyl records in stock to support the growing popularity. Event-marketing experts, Start360 Group, applaud the firm’s new focus. ‘In business, it’s vital to keep up with new trends and shift your strategy when required,’ commented Mr. Lowes.
Start360 Group is an ambitious and dynamic outsourced sales and marketing company, specialising in customer acquisition through in-person promotions. In a world of ever advancing technologies, they offer their clients something that is often lacking in today’s digital world, the personal touch.