HMV to outline rescue plan in the UK

Beleaguered music and books retailer HMV will today outline details of a recovery plan in the UK as the group struggles amid increasing competition from supermarkets and online retailers.

HMV’s recently appointed chief executive Simon Fox, who took the reins at the group last July, will reveal the results of a strategic review designed to halt the firm’s decline in profits, which analysts are expecting to come in 35% less than in 2006 at £63.5m (€93m) when its full year results are unveiled later this year.