00:00HMV said landlords have proposed doubling the rent on the site at 363 Oxford Street,
00:07although it said it was also facing a bill for substantial renovation works at the store,
00:13which together would make the shop commercially unsustainable.
00:18HMV made a grand reopening of its historic Oxford Street store in November 2023,
00:24after a four-year absence following a deal secured with landlords.
00:27They shut the store in 2019 after the resale chain tumbled into administration
00:33and was forced to axe shops and jobs.
00:37The retailer, which first opened the Oxford Street site in 1921,
00:42was rescued from insolvency by Canadian Doug Putman's Sunrise Records business.
00:49It said the Oxford Street closure plans come despite robust trading,
00:53with like-for-like sales up 15% across the group in the first nine months of 2026,
01:01and revenues for both shops and online trading set to reach over £240 million this year,
01:08up from £212 million in 2025.
01:12The group said it remained committed to high street stores.
01:15HMV has 113 stores across the UK, including six sites under the FOP brand,
01:23as well as another eight in continental Europe.
