HMV Digital China Group is winding up its 25-year-old debt-ridden music and DVD retail chain, with the once-treasured Hong Kong retailer crushed by the popularity of online streaming.

HMV Retail is in a process that leads to provisional liquidation to manage its assets, the company said in a stock exchange filing yesterday.

It is behind in rent and other payments, and is facing lawsuits from landlords and other creditors, the statement said.

All seven of its stores - one each in Central, Causeway Bay, Mong Kok, Tsim Sha Tsui and Lai Chi Kok, and two in Kowloon Bay - were closed yesterday