The Tokyo-based retail CD and DVD rental giant Culture Convenience Club (CCC), which operates the industry-leading chain Tsutaya, is to purchase the HMV Japan chain of retail music stores.

CCC announced that it will purchase the company from current owner Daiwa Securities SMBC Principal Investments (DPI), effective June 30. HMV Japan currently has 44 stores throughout the country.

In a statement published on its official website, CCC said, "CCC will use the purchase to increase its corporate value and reenergize the retail music and
video software market by integrating HMV Japan's business acumen and CCC's more than 34 million customer base and 1,400 store network."

The statement went on to say, "CCC values greatly HMV Japan's market reach, brand power, business know-how and online music-sales operations."

The U.K.-based retail music giant HMV opened a wholly-owned Japanese subsidiary in 1990. Recent years, however, have seen a sharp decline in sales and in 2007 HMV Group sold the then 62-store HMV Japan business (Billboard.biz, Nov. 16, 2007) to Daiwa Securities SMBC Principal Investments, an affiliate of Tokyo-based Daiwa Securities Group for 17 billion yen ($153.1 million).