// HMV buys US music outlet For Your Entertainment (FYE) for £7m
// Doug Putman aims to expand his store estate with the new acquisition
// FYE has over 200 stores and over 2500 staff in the US
HMV owner Doug Putman has acquired US music, film and pop culture retailer For Your Entertainment (FYE) for $10 million (£7.6 million).
FYE has over 200 stores across the US and over 2500 employees.
Canadian businessman Putman, who also owns Sunrise Records, bought struggling HMV out of administration early last year.
He aims to expand his store estate with the new acquisition, which is due to be finalised during the first quarter of the year.
As part of the deal, Putman will also acquire the online brands FYE and Secondspin.
“The addition of For Your Entertainment fits with what we are doing with HMV in the UK and Sunrise Records in Canada,” Putman said.
“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.”