The retailer today announced that it had exchanged contracts on the disposal of its leasehold for the store at 360 Oxford Street to US fashion retailer Forever 21, for £13.75m.

In a statement HMV says the money will be used to reduce debt. However, it explains that it will proactively seek to transfer sales to its existing flagship store at 150 Oxford Street and its Trocadero outlet, as well as to its in-store concession at the nearby Selfridges. It is ...