HMV Suffers 36 Million Pounds Loss in Six Months
Tuesday, 20 December 2011, 17:23 IST
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London: Global music chain HMV announced Monday it has suffered a loss of 36 million pounds (over $55 million) in six months, putting its future in doubt. The chain has put its live music business -- which owns many concert venues across the country -- up for sale, The Sun reported. Sales in the past seven weeks were down by 13.2 percent. However, HMV boss Simon Fox said the company was "well prepared" for Christmas. "The economic environment and trading circumstances create material uncertainties which may cast significant doubt on the group's ability to continue as a going concern," the company said in a statement. An industry source said HMV was planning another major "store cull" that could slash a number of high-street shops under the banner. The company Monday said that across the country as a whole, the music market was down 20 percent, DVD 16 percent and video games 9.5 percent. HMV has shut down 15 stores, as well as the Waterstone's book chain and its Canadian business to cut debts.
Source: IANS
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