HMV to close 60 stores after UK retail slump

HMV said today it's to close 60 UK stores, following confirmation yesterday that British retail was 13 percent year-on-year, GamesIndustry reports.

Sales of entertainment products in general have been weak in the fiscal year to date, said the retailer, which also blamed poor weather conditions over the holiday period.

For the five weeks to January 1, sales were down 12.9 percent on last year, and down 13.3 per cent for the 10 weeks to January 1.

"Whilst HMV has had a challenging year to date, it remains a profitable and cash-generative business and a powerful entertainment brand," said CEO Simon Fox.

"The pace of change in the markets in which we operate underlines the urgency with which we must continue to transform this business."

It was confirmed yesterday that British game sales for 2010 were down to £2.875 billion, compared to the £3.3 billion taken in the previous year.