HMV group to close 60 stores, unknown effect on Irish outlets

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.

The group will close 60 stores over the next 12 months after it reported a 13.6% slump in HMV’s like-for-like sales in UK and Ireland in the five weeks to January 1 and revealed it was struggling to meet the terms of a bank loan.