The closure of the 27 unprofitable stores will result in 455 redundancies. A further 122 employees at warehouses will be retained to assist in winding-down operations.
Putnam, the owner of toy and games distributor Everest Toys, said however that physical music and entertainment formats had a future, and he would aim to replicate the success of Sunrise Records, which he bought in 2014. We know the physical media business is here to stay'.
"We are pleased to confirm this sale which, after a complex process, secures the continued trading of the majority of the business", said Will Wright.
HMV, which has previously fallen into administration, became the first high street casualty after Christmas when its owner Hilco called in corporate undertakers before the end of a year ago.
The company collapsed into administration for the second time in six years in December putting 2,200 jobs at risk.More news: Paris Fire: Seven people killed, over 20 injured
More news: Iran warns Europe not to force ‘strategic leap’ on missile range
More news: European Union countries step up pressure on Venezuela's defiant Maduro
"Our immediate concern is now to support those employees that have unfortunately been made redundant". We get fantastic support, which is great.
Management professor Christian Stadler of Warwick Business School says that while it is "excellent" news for those who prefer to buy their music from a shop, rather than streaming or online, it would be foolish to think there is "scope for considerable growth".
Sunrise Records took over around 70 HMV stores in Canada when the chain went bust in 2017.
He owns more than 60 percent of Sports Direct and has bought companies including Evans Cycles, whole his company also owns stakes in French Connection and Debenhams.
The company went into corporate restructuring late a year ago, and a number of bidders came forward to buy the company.
The administrators of HMV, KPMG, has released its list of HMV stores planned for closure.