Photo: Shirlaine Forrest
The financially-troubled music chain HMV has been forced to sell their flagship London store to athletics apparel retailers, Sports Direct.
The company, owned by Newcastle United chairman Mike Ashley, have reportedly bought HMV's biggest store property at 150 Oxford Street for somewhere between £2-5 million. Previously it was the biggest record store in the world.
It is yet to be revealed what the plans are for the huge store.
Initially the music chain went into administration back in January, with several stores shutting down and many losing their jobs. However they were rescued by financial restructuring group Hilco and are currently in the process of transition between owners.
HMV rumoured to have been £20m in debt at time of collapse
HMV were apparently £20million in debt at the time of their demise, according to reports revealed in March, 2013.
Financial website This Is Money claimed that a picture of the chain's books, at the time of their collapse, showed that they owed the taxman more than £20million and they owed their bankers £109million.
Documents which were filed with Companies House also showed that one of the main trading companies - HMV Music Limited - owed £53.3million to other creditors.
