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The Canadian firm Sunrise Records became the buyer of the HMV music channel, which collapsed, beating the competition, including the owner of Sports Direct, Mike Ashley.
The company will purchase 100 stores from the administration, baduring 1,487 jobs.
But 27 stores will close, resulting in 455 layoffs.
Sunrise Records general manager Doug Putman says he is "delighted to acquire the UK's most iconic music and entertainment sector".
No prices have been given.
KPMG directors announced that the company's flagship store, Oxford Street, in London, was among the 27 stores expected to close.
HMV stores in Manchester (Trafford Center), Sheffield (Meadowhall) and Glasgow (Braehead) should also close.
Check here the list of stores about to close.
Canadian entrepreneur Putman, 34, bought the Sunrise Records distribution chain in 2014.
He had already bought HMV's Canadian business in 2017, expanding his small chain to a national operation with 80 points of sale.
"Heritage Brand"
All HMV stores will not reopen
Mr. Putman is also president of Everest Toys, the largest toy and gaming distribution company in North America.
He told BBC Radio 4's Today show that HMV was a "fantastic and heritage brand".
He also said the channel would seek to store more LPs in response to customer demand.
Who is Doug Putman?
First successful company – sale of fresh local products – started at 16 years old.
We bought the Sunrise Records of Canada in 2014 – and expanded it.
Management of Canadian HMV sites after administration.
Mr. Putman also owns a restaurant called The Granite in Bancroft, Ontario, and Makin Waves Marine, a boat salesman.
His family also ran Everest Toys, one of the largest toy wholesalers in North America.
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"I feel really lucky to be able to say that we [will] continue to call it HMV. "There were rumors that the stores could be renamed Sunrise Records stores after the brand change of HMV's Canadian operations by Putman.
"It's very clear that the customer wants more selection on the vinyl, more depth in the catalog," he said.
"There is no doubt that online sales are an important part of retail sales, but people like to come to a store, have an experience, talk to someone who understands music, likes music, likes video and entertainment If you think online sales are the only way in the future, I do not think that's the case. "
He added, "There are so many things you get when you enter a store that you can not get online."
Analysis:
Robert Plummer, Business Journalist
The news of a successful rescue offer for troubled HMV could not arrive soon enough for staff and customers, although some outlets will unfortunately close their doors. After the second collapse of the chain of stores in December, weeks of uncertainty occurred, with no new supplies reaching its branches.
That was not so important in January, traditionally a lean time for the musical outings. But now that February has started, the bands are releasing new albums and their absence from the HMV tablets has begun to look embarrbading.
On Monday, the flagship Oxford Street store at HMV was not able to provide copies of the latest Specials CDs, Busted and Ian Brown, which had been released late last week.
This means that these albums are hard to find on High Street at the moment, as HMV sells nearly one-third of the British physical music product.
Impulsive buyers who can not afford these versions may well represent sales that the music industry would lose forever – proving why record companies need HMV to survive.
According to the Canadian broadcaster CBC last year, his goal is also to tap local music tastes and store autonomy is important, he said.
"I think you lose something when everything is exactly the same," Putman told CBC. "Each store basically offers a different badortment, so if metal is really important in this area, it can store more."
HMV collapsed in December, its second administration in six years.
Until now, Mr. Ashley was probably the favorite to take over the music store.
Owner of more than 60% of Sports Direct, he has purchased retailers, including House of Fraser and Evans Cycles.
His company also owns interests in French Connection and Debenhams.
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A woman at the first cabins listening to HMV in the 1930s
Narrowing?
HMV owner Hilco, who pulled the company out of its first administration in 2013, blamed the "last collapse" on a "tsunami".
These include the business rate levels and the increasing use of streaming services to stream music and movies.
HMV sold 31% of all physical music in the UK in 2018 and 23% of all DVDs, with market share increasing month-to-month throughout the year.
However, the music industry expects a 17% decrease in physical recreation sales this year.
Will Wright, Partner at KPMG and Deputy Administrator, said: "We are pleased to confirm this sale which, after a complex process, guarantees the continuation of the transactions of the majority of the activities.
"Our immediate concern now is to support employees who have unfortunately been fired."
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