Sunrise Records paid just £883k ($1.1m) for British retailer HMV, which owed more than £53m after falling into administration in December with creditors expected to face a shortfall of £25m. Meanwhile, deals have been struck with nine stores that were set for closure.

HMV first fell into administration in 2013 with £176m of debt, before restructuring firm Hilco saved it in a deal that was worth a reported £40m. The price Sunrise paid is mostly for stock and cash in the business, according to a report in the Financial Times.

When the deal was first announced, 27 HMV stores were set to be closed, including the flagship London branch on Oxford Street. Five of those 27 have since been reopened after striking deals with landlords, and four more are set to do the same while Sunrise owner Doug Putman continues negotiating with other landlords.