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Virgin Megastores is to undergo a management buy-out for undisclosed terms, and the 125 music stores will be rebranded under the Zavvi name by November.
Virgin Megastores is planning to open 30 new stores over the next three years, to add to the existing 117.
Virgin Megastores is planning to open ten shops and refurbish 30 this year, but up to 30 underperforming stores will close.
Virgin Megastores is planning to close or sell some of the less-profitable music stores from its 167-strong chain, but larger stores will continue to open as part of a £90m investment programme.