HMV feels the pinch, to close 60 stores

UK games market drops 13 percent on Christmas 2009

HMV has announced that they will be closing 60 of their stores by 2012 in reaction to the dip in the UK games market.

The UK retail chain took the decision after it saw a 13 percent drop in business compared to Christmas 2009.

HMV CEO Simon Fox said: "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.",/p>

A statement given later to added: "We are actually talking about a relatively small number of stores across HMV and Waterstone's chains - less than 10 per cent of our combined estates, which are likely to be located primarily in large-city conurbations and may be in close proximity to each other - thus resulting in a degree of duplication in relation to local demand. 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."

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