HMV Plays Down 'Small Scale' Store Closures

High street retailer HMV has played down its plans to close 60 stores over the next 12 months.

The announcement on Wednesday (January 6), which includes 20 Waterstones bookshops, came in the wake of weaker than expected profits over the Christmas period.

The plans triggered a fall in HMV's share price and were greeted by a mixed reaction from music fans, many of whom have come to rely on the music retailer.

However, HMV spokesman Gennaro Castaldo told Gigwise the closures equated to less than 10% of HMV and Waterstones' combined states, and would largely be focused on large-city conurbations.

“The vast majority of HMV stores around the country will not be affected, and we will look to ensure that the specialist offer and service that we make available to our customers in these locations is maintained,” he said.

“Likewise, we will look to redeploy any affected staff where we possibly can.”

HMV also insisted that the closures did not signal any plans to pull out of entertainment retail, which they said “remains a the heart of our offer”.

Meanwhile, independent music store Rough Trade revealed yesterday that its profits had grown over the same period.