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


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