HMV sells off Japanese division for £70m

HMV has sold its Japanese business arm – made up of 62 stores and its website hmv.co.jp – for 70 million.

The retailer says that the deal with DSM Investment Catorce will allow it to concentrate on countries in which it was a market leader.

Chief executive Simon Fox added that the revenue would be used to pay off debt, and that the deal represented the best value for HMV shareholders.

HMV Japan opened in Tokoyo’s Shibuya district in 1990 and enjoyed around 40 million visitors a year, according to the BBC.

Last month

HMV revealed

that its overall profits had more than halved in the 52 weeks to April 28th, and that it was preparing to sell its Japanese division.