HMV to close 60 stores

Retailer plans closures over the next 12 months, following poor Christmas trading period.
Author:
Publish date:
Social count:
0
3776_mypictr_300x300.jpg

HMV reported a decline in sales in its stores, of 12.9 per cent over the five-week Christmas period and 13.3 per cent in the ten-weeks to January 1st 2011.

UK and Ireland stores were the worst performers, with like-for-like sales down by 13.6 per cent over Christmas.

HMV said the drop in sales was down to a number of factors, including the severe weather over the Christmas shopping period.

In a statement to the City, HMV said: "The challenging entertainment markets, combined with the severe weather over our peak trading period, have had a negative impact on our trading year to date. In addition, there are well-reported consumer headwinds as we enter 2011.

"We are taking aggressive action as we continue to tightly manage our cost base. We expect to exit around 60 stores across our UK businesses over the next 12 months as we seek to reshape our store portfolio.

"In addition, we have identified a further £10m per annum of cost savings from across the group."

Related

Featured Jobs

Vivid Job Logo 620 x 349

Digital Marketing Executive - Toys & Games

Vivid is Britain’s biggest toy company and the 20 largest in the world. With offices across the globe, they sell an amazing portfolio of toys and games to over 60 countries. Vivid is best known for its association with blockbuster brands and is very excited about future opportunities around the world.

Liberty

UK Sales Agents

Liberty House Toys have been appointed as the exclusive UK distributor for the BiOBUDDi brand, and we are pleased to introduce this new unique, innovative and exciting range of 100% environmentally-friendly toy building blocks. We are seeking experienced sales agents with existing network in the toy retail market.

Gameplan Job Logo 620 x 349

Head of Product Development & Marketing

Our client is a privately owned French toy and games manufacturer which sells through distributors in forty countries. The company develops and sells innovative electronic interactive toys and games for the educational and gaming markets, and also takes suitable licenses. To progress its successful business development a Head of Product Development & Marketing is to to recruited.

HIT Entertainment Job Logo 620 x 349

Licensing Systems Administrator

The Contract System Coordinator is a newly created role to support the deal term entry process into Mattel’s new Contract Management System for its Licensing business. The role will support the Business Teams at the Deal & Amendment phase of the contracting process and act in conjunction with the System Administration team.