HMV in Brighton has been saved but 27 stores will still close, including the one in Chichester.
The company has been bought by Canadian music retailer Sunrise Records.
Sunrise, which is owned by Doug Putman, will acquire 100 stores securing the future of 1,487 store staff.
But 27 unprofitable stores will close with immediate effect, resulting in 455 redundancies.
Mr Putman said: “We are delighted to acquire the most iconic music and entertainment business in the UK and add nearly 1,500 employees to our growing team.”
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