Sunrise Records To Take Over 70 HMV Locations Across Canada
CDs and vinyl will live on in Canada after HMV shuts down.
Sunrise Records, which currently has nine stores in Ontario, has announced it is taking over 70 HMV stores across the country.
HMV is closing all of its 102 stores in Canada by the end of April. In January, the company said it owes nearly $39 million and is losing $100,000 a day.
"We think there needs to be a great outlet across Canada to buy music,” Sunrise Records president Doug Putman told The Canadian Press.
According to Nielsen Music Canada, sales of CDs fell to 12.3 million units in 2016 but vinyl jumped 29 per cent last year to more than 650,000 units and cassettes increased 79 per cent to 7,000 units.
"A lot of the younger consumers still love having something tangible,” Putman countered. Sunrise will also carry movies, games, and pop culture apparel.
Sunrise, which first opened 40 years ago, hopes to hire at least 700 of HMV Canada’s 1,340 employees for the new stores.