Major HMV stores in London facing the axe following chain's sale

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Administrator KPMG will retain a further 122 employees at warehouse functions to assist in winding down operations.

HMV said despite growing its market share through 2018, the sector expects to see the market fall another 17% in 2019, leading the directors to conclude it can not continue to trade.

HMV has been rescued from administration by a young retail mogul Doug Putman, who owns a similar chain of Canadian stores called Sunrise Records.

Mr Putman, who bought HMV Canada out of bankruptcy in January 2017, said: "We are delighted to acquire the most iconic music and entertainment business in the United Kingdom and add almost 1,500 employees to our growing team". We know the physical media business is here to stay'.

'Our immediate concern is now to support those employees that have unfortunately been made redundant'. But 27 locations, employing some 455, will be out of a job. We get unbelievable support, which is great. But the chain has been hit hard in recent years by the rise of online music streaming options.

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Sunrise Records took over around 70 HMV stores in Canada when the chain went bust in 2017.

The 54-year-old Sports Direct founder has already bought Evans Cycles and House of Fraser in cut-price deals within the last six months.

On Monday, the BBC reported Debenhams is considering closing up to 20 of its shops this year as it enters crunch talks with banks over its borrowings.

Among the HMV stores that will remain open in the capital are the Fopp in Covent Garden, as well as stores in Kingston and Bromley.

HMV is set to shut its flagship London stores in Westfield and Oxford Street as part of a swathe of closures following a rescue deal with Sunrise Records.