HMV has been saved from collapse after being bought by the owner of Canadian retailer Sunrise Records.
Doug Putman has bought the UK music and film retailer and is taking over 100 shops, which safeguards 1,500 jobs.
HMV went into administration just after Christmas, and under the new deal, 27 of HMV’s stores will close immediately with the loss of 455 jobs.
A further 122 warehouse jobs will be lost in the weeks to come.
In a statement announcing the deal, Putman said: “We are delighted to acquire the most iconic music and entertainment business in the UK and add nearly 1,500 employees to our growing team.
"By catering to music and entertainment lovers, we are incredibly excited about the opportunity to engage customers with a diverse range of physical format content, and replicate our success in Canada.
“We know the physical media business is here to stay and we greatly appreciate all the support from the suppliers, landlords, employees and most importantly our customers.”
The existing stores will trade under HMV, with four stores continuing to trade as Fopp, but 27 stores will close immediately due to 'high rents'.
Speaking to BBC Radio 4’s Today programme, he said: “Unfortunately, as rents continue to go up it’s not feasible to keep those stores.
“You can only lose so much money on those stores before you need to make a change. Unfortunately rents are just very high at this time.”
Fortunately, Preston , Lancaster, and Blackpool HMV stores are safe from closure, with Southport being the nearest store set to close.
Here's the list of HMV stores planned for closure, as released by administrators of HMV, KPMG:
Ayr
Bath
Bluewater
Bristol, Cribbs
Chichester
Exeter, Princesshay
Fopp, Bristol
Fopp, Glasgow Byres
Fopp, Manchester
Fopp, Oxford
Glasgow, Braehead
Guernsey
Hereford
Manchester, Trafford
Merry Hill
Oxford Street
Peterborough, Queensgate
Plymouth, Drake Circus
Reading
Sheffield, Meadowhall
Southport
Thurrock
Tunbridge
Uxbridge
Watford
Westfield
Wimbledon
