High street retailer HMV is due to close 60 shops following lacklustre sales over the Christmas period and a decline in sales by 13%.
The five weeks leading to January 1st showed that like-for-like sales decreased by 12.9% and down 13.3% for the ten weeks leading up to the same period.
CEO for HMV UK Simon Fox said of the decision:
"Whilst HMV has had a challenging year to date, it remains a profitable and cash-generative business and a powerful entertainment brand."
"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 expects to miss its profit targets for the full financial year, estimated to be set between £46-£60 million. UKIE and Chart-Track
data from yesterday suggests that the boxed videogame market has experienced a decrease of 30% over the last two years. Retailer GAME will also announce its Christmas sales figures during next week.
Are you sad to hear that HMV will be closing some of its stores? And do you hope the retailer will see an upturn in fortunes over the next few years? Any thoughts, feel free to post them in the Comments section below.