HMV owner expands store estate with US acquisition

Putman has acquired more than 200 For Your Entertainment stores across America, along with its 2,500 employees.

The Canadian businessman, who also owns Sunrise Records, bought struggling HMV out of administration early last year.

The transaction is expected to be finalised during the first quarter this year. As part of the deal, Putman will also acquire the online brands FYE and SecondSpin.

Putman said: “The addition of For Your Entertainment fits with what we are doing with HMV in the UK and Sunrise Records in Canada. There is a space for recognised retail brands that can cater to a new audience of entertainment-hungry consumers.

“Getting the right mix of product across culture and entertainment – and bringing retail theatre to these outlets that make them a destination – has already proven a winning formula, as we’ve turned around and grown Sunrise and HMV since we acquired them.

“We now intend to grow this chain in the USA and open more new stores starting this year. We are very excited about the opportunity to own such an amazing brand.”