BURY'S branch of HMV is to stay open despite fears earlier today that it was one of dozens set to close across the country after the entertainment giant was saved from administration.

The chain has been snapped up by Canadian retailer Sunrise Records, which is owned by entrepreneur and music mogul Doug Putman, after it collapsed for the second time since 2013.

Sunrise Records will acquire 100 stores nationwide, saving 1,500 jobs.

However it has announced that 27 stores will close with immediate affect, resulting in 455 redundancies.

A further 122 employees will be kept on at warehouse functions to assist with administrator KPMG's winding down operations.

Steve Toolan, the manager at HMV in Bury's Mill Gate Shopping Centre, has sought to reassure customers that the outlet will remain open saying: "Yes there are store closures but Bury is not one of them. Your store in Bury is staying open." 

Among the North West stores earmarked for closure are Manchester's Trafford Centre store and Fopp in Brown Street.

Mr 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."

HMV became the first high street casualty after Christmas when its owner Hilco called in corporate undertakers in December.

The retailer had previously been rescued by restructuring specialist Hilco in April 2013, saving 141 branches and all nine branches of Fopp ­— a sister chain.

Following this December's collapse Sunrise Records beat off competition ­— including a bid from Sports Direct owner Mike Ashley ­— to once again save the stricken retailer which has struggled in the face of competition from streaming services such as Spotify and Netflix.

A well known face on the high street, HMV has been a UK retailer since 1921 when it opened its first store on London's Oxford Street.

At its height HMV had more than 400 outlets spanning the globe, including more than 200 in the UK.