The chain has been acquired out of administration by Canadian retailer Sunrise Records, saving 100 other stores and almost 1,500 staff.
The remaining 27 stores will be closed immediately and 455 staff will be made redundant, the administrators said. KPMG, which oversaw the process, will retain a further 122 employees at warehouse functions to assist in winding down operations. Four of the sites staying afloat are under the Fopp sister brand.
Speaking on Tuesday, February 5, Mr Putman said: "We are delighted to acquire the most iconic music and entertainment business in the United Kingdom and add almost 1,500 employees to our growing team".
HMV has been sold to Sunrise Records & Entertainment Limited, whose shareholder is Doug Putman, owner of Sunrise Records in Canada.
The business as been acquired by Canadian retailer Sunrise Records, safeguarding the future of almost 1,500 staff.
Putman told the BBC's Radio 4's Today programme that while they would have liked to keep the other 27 stores open, it wasn't feasible due to increasing rents.
Discussing the future of hmv, Doug continues: "We think it will be a long time".
Douglas Putnam, who runs Sunrise and bought HMV's Canadian unit in 2017, will gain control of 100 stores across the U.K., KPMG LLP said Tuesday. "Meanwhile, we wish the new owners and the staff the very best as the chain heads towards its centennial celebration in 2021".