Sunrise Records buys HMV

LONDON, Feb 5 (Reuters): HMV, the British music retailer that collapsed after Christmas, has been sold to the owner of Canada's Sunrise Records in a deal that will save 100 stores and 1,487 jobs, its joint administrators said on Tuesday.

Sunrise Records CEO Doug Putman said he was delighted to acquire "the most iconic music and entertainment business in the UK", and would aim to replicate his company's success in Canada.

The administrators said 27 stores were not included in the deal and would close immediately, resulting in 455 redundancies.

HMV, Britain's best known record store chain, has been hit by competition from online rivals and music streaming services.

The group, which opened its flagship store on London's Oxford Street in 1921, was rescued from a previous collapse in 2013.