REDDITCH HMV has been saved after the store has been bought out of administration by Canadian retailer Sunrise Records.

Sunrise, which is owned by Doug Putman, beat off competition from the likes of Mike Ashley for the stricken retailer and will acquire 100 stores across the UK.

However, 27 unprofitable stores have closed with immediate effect, resulting in 455 redundancies.

The shuttered branches include the chain’s flagship Oxford Street store in London, which was the original site of its first ever shop in 1921.

Other affected towns and cities include Bath, Glasgow, Manchester and Bristol.

Administrator KPMG will retain a further 122 employees at warehouse functions to assist in winding down operations.

Mr Putman, 34, bought Sunrise Records in 2014 when it had just five stores.

He has since overseen its expansion to 84 sites following the purchase of 70 HMV stores after the Canadian arm went bust in 2017.

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

HMV became the first high street casualty after Christmas when its then owner Hilco called in corporate undertakers in December.

It was the second time HMV has collapsed in recent years, having filed for administration in 2013.

The likes of Poundworld, Toys’R’Us and Maplin all went bust last year amid brutal trading, while heavyweights Marks & Spencer and Debenhams announced plans to shutter hundreds of stores.

Several others – including Superdry, Carpetright and Card Factory – have all issued profit warnings.

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