HMV sells London venue G-A-Y

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Troubled music chain, HMV have sold their shares in London venue G-A-Y.

The company had previously held a majority stake in the nightclub, as well as the G-A-Y group which also includes London’s Heaven gig venue.

The shares have now been sold back to original founder, Jeremy Joseph.

HMV’s joint administrator Rob Harding said:

“We are pleased to have completed the sale of HMV’s shareholding in G-A-Y to the natural purchaser.”

It was also announced yesterday that HMV are set to close between 60 and 100 stores nationwide this week, reports say.

The music retailers currently have 223 High Street shops, which means they could downsize by 50% and lose up to 1,500 jobs.

It’s also been reported that one of the company’s flagship stores situated in Oxford Street and Piccadilly Circus will be among those shut.

It was revealed last week that HMV’s decline has boosted January record sales, with the rallying of support for independent stores and chains alike in the aftermath of such financial troubles

HMV originally went into administration last month. The chain employs around 4,000 workers.