HMV has announced plans to shut 60 of its 285 stores over the next 12 months as Christmas sales failed to improve the companies trading performance.
"The HMV figures are bad, but after the Autumn trading results that was to be expected. But all credit to Waterstones, which is subject to similar pressures for managing to almost hold sales in very tough conditions. HMV has not found the solution to trading a music and video store on the high street and it may well be that there isn't one. So the store closures are only to be expected."