Struggling music retailer HMV has narrowly avoided bankruptcy for the second time in six years, but 27 stores are set to close across the UK. It is understood that about 450 people will lose their jobs as a result.
HMV, which ceased trading in Ireland a number of years ago amidst poor sales, has struggled financially due to a public shift towards streaming, rather than purchasing physical CDs and DVDs.
HMV will remain afloat after Sunrise owner Doug Putman bought the brand for an undisclosed sum.