BASINGSTOKE'S HMV branch will not close as part of the rescue package of the brand.

HMV has been acquired out of administration by Canadian retailer Sunrise Records, safeguarding the future of nearly 1,500 staff.

Sunrise, which is owned by Doug Putman, beat off competition from the likes of Mike Ashley for the stricken retailer and will acquire 100 stores across the UK.

However, 27 unprofitable stores have closed with immediate effect, resulting in 455 redundancies.

The Basingstoke branch in Festival Place is not among those 27 stores closing which includes the chain’s flagship Oxford Street store in London, which was the original site of its first ever shop in 1921.

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

It was the second time HMV has collapsed in recent years, having filed for administration in 2013.

The likes of Poundworld, Toys’R’Us and Maplin all went bust last year amid brutal trading, while heavyweights Marks & Spencer and Debenhams announced plans to shutter hundreds of stores.

Several others – including Superdry, Carpetright and Card Factory – have all issued profit warnings.