HMV To Close 60 Stores

Music retailer HMV has revealed that it plans to close 60 stores in the next 12 months after publishing weaker than expected profits.

Sales were down 10% over Christmas, which the company blamed on the severe weather across the UK and “challenging trading conditions”.

Demand for CDs, DVDs and games was weaker than expected over the Christmas period, it added.

The announcement, which came a week earlier than expected, has prompted shares in HMV to fall by 24%.

The music retailer's shares are now down 78% over the last thirteen months, reports BBC News.

In addition to the planned store closures, which include 20 Waterstones, HMV is also outlining plans for other cost-cutting measures which would save up a further £10million a year.