Music and books retailer HMV Group today revealed a raft of cost-cutting measures – including store closures and redundancies – as it battles with tumbling sales.

In the week British Chancellor Alistair Darling made a bold bid to get shoppers spending again, retailing casualties are sprawled across the corporate landscape.

Around 75,000 employees of Marks & Spencer face slashed bonus pay-outs this week despite the retail giant achieving £1bn (€1.25bn) in profits for the first time in a decade, it was reported today.

Stuart Rose’s pledge to remain at Marks & Spencer for another three years has put an end to persistent rumours surrounding his tenure at the helm of the retail chain.