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Lawson to Buy HMV Japan

Music Retailer Sells for a Song in Sagging Market

TOKYO -- Japanese convenience store chain Lawson Inc. said on Thursday it will buy music retailer HMV Japan from an investment arm of Daiwa Securities Group for 1.8 billion yen ($22.03 million).

Earlier this year, Culture Convenience Club, which operates Japan's Tsutaya DVD and CD rental chain, rescinded its agreement to buy HMW Japan after it failed to agree on a purchase price.