London – After holiday sales fell 10%, U.K.-based media
retail store chain HMV said it will shutter 60 of its stores over the next
year, the BBC reports.
The cuts represent about 10% of the company’s total
number of HMV and Waterstone’s locations.
The company will also institute
cost-cutting measures intended to save $15 million annually.
HMV in part blamed
the poor U.K. weather for its lackluster holiday sales, and said its recent
woes were making it difficult to keep to terms of a loan.
"The pace of
change in the markets in which we operate underlines the urgency with which we
must continue to transform this business," said HMV chief executive Simon
Fox.
Related Links:
http://www.bbc.co.uk/news/business-12117510
