Sunrise Records

Last updated
2428391 Ontario Inc.
Company type Private
Industry Retail
Founded1977;48 years ago (1977)
(Toronto, Ontario, Canada)
Headquarters
Ancaster, Hamilton, Ontario, Canada
,
Canada
Number of locations
85
Area served
 Belgium
Canada
Ireland
United Kingdom
United States
Products Books
Film
Television
Music
Technology
Merchandise
Parent Putman Investments
Subsidiaries
Website sunriserecords.com

2428391 Ontario Inc. (trading as Sunrise Records) is a Canadian record store chain based in Hamilton, Ontario. Currently owned by Doug Putman (whose family also runs Everest Toys), it currently operates in nine Canadian provinces. Originally operating with only 9 locations in Ontario, the chain announced a major expansion in February 2017, under which it purchased leases for 70 locations formerly occupied by HMV Canada. The chain runs approximately 85 locations across Canada. [1]

Contents

In February 2019, Sunrise Records expanded internationally, buying a number of the British HMV and Fopp stores out of administration, as well as returning HMV to Canada and Ireland, and entering the Belgian market. [2] In January 2020, Sunrise Records purchased FYE in the United States. [3]

History

The company was founded in Toronto in 1977, with a location on Yonge Street. It was bought in 1978 by Malcolm and Roy Perlman. [4] For a period, Sunrise was considered one of the five major record store chains in Canada, alongside HMV Canada, Music World, Sam the Record Man, and A&A Records. However, by the 2000s, with the shift towards online music stores and other factors (including the dominance of HMV), most of these smaller chains downsized or shut down. In 2014, Sunrise closed its flagship store in Toronto. [5] [6] [7] In October 2014, the chain was acquired by Doug Putman; under Putman, the chain opened new locations, expanding to nine within Ontario. [4] [8]

In January 2017, HMV Canada entered receivership, and announced that it intended to close all stores by the end of April. [9] On February 26, 2017, Sunrise Records announced that it had negotiated to purchase the leases for 70 of HMV's locations from landlords to convert them to Sunrise stores (including major locations such as the Square One Shopping Centre, Promenades Saint-Bruno. Polo Park, West Edmonton Mall, Midtown in Saskatoon, and Metropolis at Metrotown), while retaining as many former HMV employees as possible. [8]

Putman felt that the bankruptcy of the chain was a major opportunity to expand the regional Sunrise chain into a national brand. He noted that record labels had become concerned by the closure of HMV because they would not have a prominent location to stock their physical product. The company's announcement quoted Universal Music Canada president Jeffrey Remedios, who felt that record stores were still important to fans and artists, and that they were "a community hub where passions are shared, art is explored, and lasting journeys begin." Putman added that "it is really sad to see HMV go. They were a great retailer and they really helped the physical business in Canada." [8]

Of the converted stores, Sunrise planned to stock a larger and broader array of music in comparison to HMV, including larger selections of vinyl records and music by local independent artists, as well as expanded offerings of music and entertainment apparel and merchandise. [8] The new chain has been successful and profitable, with renewed interest in vinyl records having been cited as a factor in its performance (at least half a million vinyl LPs were sold by the chain in 2017). [10]

On February 5, 2019, Sunrise announced that it had acquired HMV Retail Ltd.—the HMV chain's British parent company—from Hilco UK for an undisclosed amount (later revealed to be £883,000). The company had, for a second time, announced its intent to enter administration. Sunrise plans to maintain the chain's operations under the HMV and Fopp banners, and mirror its larger focus on pop culture merchandise and vinyl records. On the day the sale was announced, 27 locations (including its flagship Oxford Street store) were immediately closed, [10] [11] but by late-February, five of the shuttered stores had re-opened, with at least four more to follow. [12] [13] Putman noted that it was "unlikely, but possible" that the HMV brand could theoretically be reintroduced to Canada; [14] in January 2024, sister company Toys "R" Us Canada announced plans to relaunch HMV as a store-within-a-store concept, stocking a similar selection of music, home video, and collectibles. [15]

In 2020, Sunrise announced the purchase of U.S. chain FYE from Trans World Entertainment. [16]

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References

  1. ↑ "The beat goes on for vinyl without the country's leading distributor". The Hamilton Spectator. 18 January 2019. Retrieved 23 January 2019.
  2. ↑ "'This is a very long road ahead': Doug Putman acquires HMV, set to keep 100 stores". www.musicweek.com. Retrieved 2024-09-16.
  3. ↑ "FYE record stores to change ownership, no longer locally owned - Spotlight News". 2020-01-26. Retrieved 2024-09-16.
  4. 1 2 "Sunrise Records Taking Over Dozens of Closed HMV Stores Across Canada". Billboard.com. Retrieved 27 February 2017.
  5. ↑ "As sun sets on Sunrise Records, a musical era fades away". Niagara This Week. 25 September 2014. Retrieved 27 February 2017.
  6. ↑ "NO MORE RECORD STORES? Internet, big box competitors spell trouble for traditional retailers, but does anyone care?". YorkRegion.com. 17 July 2007. Retrieved 27 February 2017.
  7. ↑ "Sunrise Records to move into 70 closing HMV locations". Toronto Star . 26 February 2017. Retrieved 26 February 2017.
  8. 1 2 3 4 "Sunrise Records Goes National With HMV's Demise". FYI Music News. 27 February 2017. Retrieved 27 February 2017.
  9. ↑ "HMV in receivership, stores to close by Apr. 30". Toronto Star. 27 January 2017. Retrieved 28 January 2017.
  10. 1 2 Monaghan, Angela; Butler, Sarah (2019-02-05). "HMV reveals which 27 stores have closed after sale to Canadian music boss". The Guardian. ISSN   0261-3077 . Retrieved 2019-02-05.
  11. ↑ Evans, Pete (5 February 2019). "Canada's Sunrise Records swoops in to buy British music store chain HMV out of bankruptcy" . Retrieved 5 February 2019.
  12. ↑ "Sunrise Records paid £883000 for HMV". Financial Times. Retrieved 2019-02-28.(subscription required)
  13. ↑ Hope, Fiona (25 February 2019). "HMV brings back nine shuttered stores". PSNEurope. Retrieved 2019-02-28.
  14. ↑ "HMV return to Canada 'unlikely, but possible,' new owner Sunrise Records says". Financial Post. Canadian Press. Retrieved 6 February 2019.
  15. ↑ "HMV making comeback through Toys 'R' Us locations". CTVNews. 2024-02-01. Retrieved 2024-02-01.
  16. ↑ "Sunrise Records to Acquire U.S. Entertainment Chain FYE". Exclaim!. Retrieved 2024-02-01.
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