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HMV to shut one of its Oxford Street stores

By | Published on Thursday 18 November 2010

HMV has announced that it is giving up one of its Oxford Street stores, possibly because having two shops on the London shopping thoroughfare as well as a franchise in Selfridges on the same road and another store just down Regents Street in the Trocadero Centre is sort of overkill.

It’s the 360 Oxford Street branch that will go next year. The retailer has confirmed it has sold the leasehold on that store to US fashion firm Forever 21 for £13.75 million. It says it will use most of the money to reduce debts, but will also invest in its other West End stores to make them lovelier and therefore worth a slightly longer walk for those approaching Oxford Street from the West.

It’s also hoped most staff at the closing Oxford Street branch can be deployed to other HMV stores around London.