If you’ve ever been to London then there is a pretty good chance you went to HMV Oxford Street, it’s one of the biggest stores on the famous street and a major tourist attraction. Sadly the administrators for the troubled HMV group will be considering offers of between £6m – £9m on Friday for the lease of the store.
Although the sale is not certain a number of chains have expressed interest including H&M, Zara, Uniqlo and JD Sports. All of these chains already have large stores in the street.
According to The Guardian HMV Oxford Street turns over a profit of around £1.3 million so although it’s in the black it looks like Hilco have decided they would rather have £6m – £9m in the bank now rather than continue to run the store at a profit.
The Guardian also reports that the administrators may reduce the number of HMV stores nationwide from 230 to just 60.
If the HMV Oxford Street closes it truly will be an end of an era, the store has hosted hundreds of live gigs including Madonna, Coldplay and Blur. I personally can remember travelling down to London over twenty five years ago and having a good rummage through the endless aisles of music.
Sad times, our thoughts are with the hundreds of staff at the giant store.
Source: The Guardian