HMV suffers huge profit loss

Purveyors of UK entertainment merchandise, HMV, announced today that they've experienced huge losses over the last year, with video games specifically "underperforming."

The losses add up to £121.7 million which is a stark drop from last year's number which was a rather significant profit of £67.6m.

HMV pointed to video games specifically as one of the factors that has put them in this position, citing competition from department stores and supermarkets.

Responding to the ongoing poor performance, HMV has liquidated some of its assets by selling off Waterstones and HMV Canada.

The chain has also been able to secure bank refinancing worth £220m until 2013.