HMV 'to close 60 UK stores'

HMV is to close 60 of its music and book outlets after disappointing Christmas sales.



The HMV group, which owns the music retailer as well as Waterstones, has reported a sales slump of 10% compared to last year, while its share price has steadily declined over the past 12 months.

According to the BBC, the sales shortfall was the result of the extreme weather over the festive period as well as "challenging trading conditions".

A statement issued by the firm's chief executive Simon Fox said: "The pace of change in the markets in which we operate underlines the urgency with which we must continue to transform this business."

The company also admitted that the demand for CDs and DVDs was weaker than expected, while sales at its Waterstone's bookstores remained equal to the Christmas period the previous year.

HMV was founded in 1921 and has over 692 stores in seven countries. In 2007 the firm bought out a number of music retail outlets owned by FOPP and Zavvi which were forced into administration due to low profits.

After the disappointing Christmas sales I expect that we'll be seeing quite a few high street names closing down. I reckon we're in for a very bumpy ride.