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There had been speculation that the shops might be rebranded as Sunrise Records stores after Mr Putman's rebranding of HMV's Canadian business.

The iconic chain has been rescued by Canadian music retailer Sunrise Records.

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

City AM understands that senior staff at branches in the firing line were informed of the closures on a conference call with senior management earlier today.

Sunrise Records & Entertainment Ltd is acquiring 100 stores across the United Kingdom, and 1,487 store and head office employees will transfer as part of the transaction.

The plan is to continue to operate them under their existing banners of HMV or Scottish based Fopp and not convert them to Sunrise Records.

Under the deal, 27 of HMV's will close with the loss of 455 jobs.

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"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".

Putman placed the bid over the weekend, beating out competition including Sports Direct's Mike Ashley, who was in talks to buy the United Kingdom music chain last month.

HMV has announced it is set to shut a number of stores.

HMV, which employs about 2,000 people, began insolvency procedures in December for the second time in six years, as compact discs have become outmoded in favor of online music streaming.

We know the physical media business is here to stay'.

Will Wright, a partner at KPMG and joint administrator, added: "We are pleased to confirm this sale which, after a complex process, secures the continued trading of the majority of the business".


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