Sunrise Records, an independent company headquartered in Ancaster, Ontario, has announced a deal to buy out US-based For Your Entertainment, a pop culture outlet. According to the definitive asset purchase agreement documents filed with the US Securities Exchange Commission, the deal involves a $10 million USD cash purchase price
For Your Entertainment, or FYE, based in Morgantown, West Virginia, is an entertainment retail chain specializing in music, videos, movies, t-shirts, and other licensed pop culture merchandise. Some stores operate under other names in some states, including Suncoast and Sam Goody. Under the Second Spin brand name, the company sells pre-owned movies and music.
Doug Putman, president of Sunrise, told The Canadian Press that the deal includes 205 outlets that employ approximately 2,500 people. He says that the stores will continue to operate under the FYE name. FYE includes an online retail store as well as physical outlets, and Putman also plans on opening an additional 10 US-based stores in the coming year.
The announcement falls in line with Putman’s strategy for Sunrise Records as evidenced over the last few years. Guided by a faith that consumers still value physical music and movie purchases, even in this digital era, he acquired 70 stores previously operated by HMV in Canada in 2017, rebranding them with the Sunrise logo.
In 2019, Putman purchased more than 100 former HMV locations in the UK, rebooting HMV’s online retail store, and opening a huge flagship store in Birmingham. The Birmingham HMV Vault, the biggest store in HMV history, stocks in excess of 80,000 CDs and 25,000 vinyl records.
Sunrise is buying FYE from current owner, Trans World Entertainment Corporation, and the purchase still requires the approval of shareholders. The deal is expected to be finalized by March 2020.
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