Lawson completes sales negotiations for HMV Japan
Japanese convenience store Lawson Inc will buy HMV Japan for £14m
Japanese convenience store Lawson Inc has completed sales negotiations with HMV Japan, it has been revealed.
Lawson will acquire the music and film retailer from an affiliate of Daiwa Securities Group Inc in a 1.8 billion yen (£14 million) deal. The transaction is due to be completed by 1st December.
HMV Japan has recently been hit by falling sales figures as more consumers begin downloading music rather than purchasing hard copies from stores.
This led to the firm closing its Tokyo-based flagship store last month in August.
Lawson has claimed that it can turn around the fortunes of the flagging business as it looks to combine its multimedia services with HMV's online and mobile operations.
Music and DVD store operator Culture Convenience Club Tsutaya had previously expressed an interest in purchasing HMV but failed to agree with terms with Daiwa earlier this year.