Tuesday, March 19, 2019

HMV’s Oxford St flagship closes after 28 years


Entertainment firm HMV has closed its 60,000 sq ft flagship store on Oxford St after 28 years.

HMV, which once spread its products over three floors in the world biggest music store, will now become a Sports Direct after buckling under the pressure of online music firms.

It went into administration in early 2013 but was bought out of it by Hilco in April last year in a deal worth £50m.

The closure of the store on Sunday marks the end of an era for the entertainment industry as consumers choose online rather than traditional retailing.

66 loss making HMV stores were closed last year by Hilco but has reopened its 3,172 sq ft store at Intu Watford shopping centre in October as it attempts to re-join the physical entertainment market.