Music retailer HMV is to close 60 of its music and book outlets after disappointing Christmas sales.The HMV group, which also owns Waterstones, has reportedly had a drop in sales by 10% compared to last year, while its share price has steadily declined over the past 12 months.
The BBC reported that the downturn in sales was due to the result of the bad weather conditions over the festive period as well as "challenging trading conditions".
A statement was issued by the firm's chief executive Simon Fox saying: "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 revealed 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.
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