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HMV: Our future is uncertain

HMV has admitted it faces an uncertain future after reporting more heavy losses.
HMV's future uncertain
One of the biggest and most popular music retail chains has announced half-year pre-tax losses of £36.4 million, highlighting the dire state of the once booming music store.

HMV put out a statement admitting that its future was uncertain and went on to say that it might be forced to sell off its live music division.

The retailer said it had been unable to improve trading, which has fallen significantly since the digital revolution turned the music business on its head.

It added that the ongoing sluggish economic recovery had also been detrimental to the business.

"This has been a challenging start to the year. However, we have taken decisive action to restructure the business and are now seeing the benefits of this, particularly in our technology products business," said Simon Reed, chief executive of HMV.

"Like all consumer-facing companies, we are facing tough trading conditions, but we continue to push forwards through this period. We remain well prepared for the key trading days ahead."

HMV, which has already put down the shutters permanently on 26 of its stores, is looking to close at least another 40.

Posted by AWADNFCR-2133-ID-801244113-ADNFCR Posted on 20 Dec 2011 16:27 to category : Music News

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