Sunrise Buying HMV

CBJ — Sunrise Records is rescuing HMV out of bankruptcy in a deal that will save about 1,500 jobs.

However, administrator KPMG says 27 stores will close immediately, resulting in a loss of 455 jobs.

Sunrise, which is based in Ancaster, Ontario, near Hamilton, has a presence in seven provinces with 85 locations and has been around since 1977.

HMV is a public entertainment retailing company, originally registered in England.

The financial details have not been released.