HMV to return to its 1921 Oxford Street home
HMV is poised to return to its spiritual home in Oxford Street just two months after being rescued out of administration.
Restructuring specialist Hilco, the entertainment retailer’s owner, is understood to be in negotiation to move into the 20,000 sq ft store at 363 Oxford Street, which is currently occupied by the US chain Footlocker.
The composer Sir Edward Elgar opened the first His Master’s Voice shop at the site in 1921. A plaque marking the “world’s most famous music store” is still there. HMV is understood to have exchanged contracts on the store’s lease, subject to landlord approval.
The retailer is also considering leaving its 150 Oxford Street store, which at 58,000 square feet is too big for its requirements.
HMV collapsed into administration in January after failing under the weight of its £176 million debt and tanking sales. After acquiring the music chain’s debt at a knockdown price later that month, Hilco completed the acquisition in April, and now operates 141 stores.
Trading at HMV is understood to be up significantly since mid-May. It plans to relaunch its website in the autumn.
Hilco declined to comment.
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