HMV announces ‘frustrating’ closure of flagship UK store as rent DOUBLED
HMV has revealed plans to close its flagship London store just three years after reopening.
TL;DR
- HMV's flagship London store on Oxford Street will close in March.
- The closure is attributed to a doubling in rent demands and substantial renovation costs.
- HMV aims to find a new store in London's west end and maintain a presence in the capital.
- Affected staff will be transferred to other HMV stores or the head office.
- The store had reopened in November 2023 after a four-year absence.
- HMV was rescued from insolvency by Sunrise Records in 2019.
- The company reported strong sales growth, with like-for-like sales up 15% and revenues expected to reach over £240 million.
- HMV remains committed to high street stores, operating 123 locations across the UK.