HMV, the British music retailer that collapsed after Christmas, has been sold to the owner of Canada's Sunrise Records in a deal that will save 100 stores and 1,487 jobs, its joint administrators said on Tuesday.

Sunrise Records chief executive Doug Putman said he was delighted to acquire "the most iconic music and entertainment business in the UK", and would aim to replicate his company's success in Canada.

The administrators said 27 stores were not included in the deal and would close immediately, resulting in 455 redundancies. – Reuters