Canadian business entrepreneur Doug Putman, owner of hmv in the UK and Sunrise Records in Canada has confirmed today that he has committed to acquire For Your Entertainment (FYE), the leading US entertainment retail and ecommerce business. FYE has over 200 stores across the USA and over 2,500 employees.
Doug Putman said: “The addition of For Your Entertainment fits with what we are doing with HMV in the UK and Sunrise Records in Canada. There is a space for recognised retail brands that can cater to a new audience of entertainment-hungry consumers.
“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 USA and open more new stores starting this year. We are very excited about the opportunity to own such an amazing brand.”
The deal will see a subsidiary of Putman’s holding company, Sunrise Records & Entertainment, take-on over 200 retail outlets across the United States of America, as well as the business’ online retail brands, www.fye.com and www.secondspin.com. For Your Entertainment is the leader in pop culture and entertainment products across the USA.
The transaction is expected to close in the first quarter of 2020, subject to the satisfaction or waiver of customary closing conditions set forth in the purchase agreement, including the receipt of certain third party consents and the approval by at least two-thirds of the Company’s stockholders. The Company will call and hold a stockholders’ meeting seeking to obtain this approval.