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Business News

Sports Direct takes over HMV's flagship store

The flagship Oxford Street store of the fallen music retailer HMV has been snapped up by Mike Ashley, the founder of Sports Direct.

Mr Ashley has struck the deal with HMV's administrator, Deloitte, for the lease on the 60,000 sq ft store.

Sports Direct already has a smaller presence on Oxford Street with a store in the Plaza shopping centre nearer Tottenham Court Road. This outlet seems likely to close when Sports Direct's shop opens up in HMV's former home, although the company declined to comment yesterday.

HMV's financial woes have forced it to scale back its ambitions. The group agreed this month to take over the lease on a smaller Oxford Street store occupied by the retailer Footlocker.