HMV'S RAY OF HOPE FROM SUNRISE

Another party has emerged in the race to save HMV with the head of Canadian retailer Sunrise Records, Doug Putman, submitting a bid for the British retailer.

Putman already has history with HMV. Through Sunrise Records, he took over about 70 HMV stores in Canada after the chain fell into administration there in early 2017. He has been President of Sunrise since 2014, and has helped revive HMV in Canada by offering a locally focused specialist stock that focuses on vinyl. Multiple reports suggest Putman could save up to 90 of HMV’s 125 stores in the U.K.

Putman is understood to be in London with his lawyers to join the negotiations as we speak.

His bid joins interest from Mike Ashley, the owner of sports retailer Sports Direct, whose offer is said to be on the lower end of the scale. A Sunday Times story suggests that his January offer is out of whack to what's being asked for by HMV owner Hilco, which saved it from administration in 2013.