Doug Putman Acquires HMV and Sunrise Records Amid Retail Shifts
1 report, 1 independent
Updated Mon 00:00
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What happened
Doug Putman acquired HMV, which also owns Sunrise Records. Separately, Phil Halliday, who manages Fopp and HMV, announced that the revamped HMV York store will reopen on October 22. This location will stock over 32,000 items, including 5,500 vinyl albums and 13,000 CDs.
From yorkpress.co.uk
Why it matters
The acquisition represents a major corporate shift within the music retail industry, which is currently undergoing changes due to online music downloading and competition from large chains. This change in ownership affects the structure of the market.
The music retail landscape is undergoing major shifts, marked by HMV store refurbishments, the rise of online music downloading, and competitive pressure from large chains like Woolworths.
Who's involved
- FoppScottish retail chain selling music, film, and books.
- Sunrise RecordsRecord label acquired by Doug Putman.
- Doug PutmanCanadian business executive who acquired HMV.