Published Jan 23, 2020Following last year's acquisition and online retail relaunch of HMV in the U.K., Sunrise Records Canada owner Doug Putman has now announced a commitment to acquire U.S. entertainment retail giant FYE (For Your Entertainment).
The deal will see a subsidiary of Sunrise Records & Entertainment acquire over 200 of FYE's retail stores across the United States, in addition to online retail sites fye.com and secondspin.com.
The transaction with the chain's parent company, Trans World Entertainment Corporation, is expected to officially close in the first quarter of 2020.
"The addition of For Your Entertainment fits with what we are doing with HMV in the U.K. and Sunrise Records in Canada," Putman explained in a statement. "There is a space for recognized retail brands that can cater to a new audience of entertainment-hungry consumers."
Putman continued: "Getting the right mix of product across culture and entertainment — and bringing retail theatre to these outlets that make them a destination — has already proven a winning formula as we've turned around and grown Sunrise and HMV since we acquired them. We now intend to grow this chain in the U.S. and open more new stores starting this year. We are very excited about the opportunity to own such an amazing brand."
Following the closing of FYE, Trans World Entertainment will focus on wholly owned subsidiary etailz. Sunrise Records is the largest record store chain in Canada, and the largest independently owned record store chain in the world.