HMV respond to reports about its flagship Oxford Street store closure: "There is no agreement in place"

HMV has responded to a report that its flagship London store on Oxford Street is to close. 

The report surfaced after it was announced that all 102 of its outlets in Canada are closing after the company was put into receivership last week (Jan 27). 

News of the London closure surfaced on Property Week, claiming that the shop's landlord had begun negotiations with property agent Savills to surrender the lease.

However, investment service Hilco told Music Week: “While we don’t usually comment on individual stores, there is no agreement in place to close the Oxford Street store.

"The HMV portfolio is constantly evolving in order to ensure it best suits the strategy of the business and there are at least two new store openings taking place this year, with more likely to follow.”

While the statement denies the Oxford Street shop is closing, it's unclear whether discussions about the lease are currently taking place.

HMV's UK stores are not expected to be affected by the current Canada closures, having functioned as a separate entity since the company was restructured in 2011, when 60 of its UK shops were closed after reported losses of £36 million. 

Since then, the music retail sector has boomed in the UK, with the number of shops selling music reaching an all-time high in February last year.