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HMV Group announce closure of 60 stores and redundancies as sales plummet Redundancies: The high street music and book retailer will close 60 stores over the next 12 months as it struggles to meet the terms of bank loans as well as plummeting sales Shares plummeted 24 per cent after the company, which has some 600 HMV and Waterstone's stores in the UK, warned profits for the year to April would be near the bottom of the current range of different pandora charms City forecasts.

He added: 'While adverse weather undoubtedly was unhelpful to the business in the UK, the core HMV division remains under considerable stress as a format and this must raise questions over its long term future.' As well as the disruption caused by snow and ice before Christmas, HMV said shops that sell pandora its core entertainment markets remained weak and underlined the urgency with which it needed to carry out its turnaround strategy, which focuses on broadening the product mix. Faced with competition from supermarkets in its core CD and DVD markets, the group has branched into new areas such as technology sales, recently including Apple's iPad, as well as entertainment related products. It has also pushed into fashion, mobile phones and Blu ray discs, while its swoop for festivals and gig venue owner MAMA Group cemented its position in the fast growing live market. But it also pledged aggressive action on costs and said it would close 60 stores across its UK businesses over the next 12 months and seek a further 10 million a year of cost savings. Some closures will include lapsed leases and stores in locations where there is more than one outlet. The group confirmed there would be redundancies, but the number of job losses had not been determined. A number of staff will be offered positions in other stores. Looking to the future: A spokeswoman for the group said HMV, who also own Waterstone's bookshops, was still confident over its long term future and believed the cost cutting measures would help it meet the bank covenant test HMV admitted it is facing a battle to meet a test on its authentic pandora charms bank covenants in April, which is linked to its rental bill. But a spokeswoman for the group said HMV was still confident over its long term future and believed the cost cutting measures would help it meet the bank covenant test. She said the turnaround strategy was working, with strong sales in its live music division and in technology products, which were up 20 per cent in the period. Waterstone's also showed improved sales, with a 0.4 per cent drop on a like for like basis in the five weeks to January 1. HMV had hoped that a line up including Take That and Cheryl Cole albums, DVD releases such as Toy Story 3 and Shrek 4, and new games Call Of Duty: Black Ops and FIFA 11 would boost trading over Christmas after a 16.1 per cent drop in like for like sales in the six months to the end of October. But chief executive Simon Fox said the anticipated improvement in sales failed to materialise due to the weather and challenging markets. He added: 'Whilst HMV has had a challenging year to date, it remains a profitable and cash generative business and a powerful entertainment brand. 'The pace of change in the markets in which we operate underlines the urgency with which we must continue to transform this business.' HMV said profits for the year to April were likely to be around the lower end of current market expectations of between 46 million and 60 million. Despite HMV reporting a weak entertainment market, a survey by the British Video Association (BVA), showed consumers spent 2.6 billion last year on video entertainment including DVD, Blu ray and digital services. The BVA said Avatar was the most popular title sold during the year, followed closely by Toy Story 3. Most watched Money videos The new Nissan Qashqai will be in the showrooms from next month Jaguar Land Rover teases the opening of its classic car tour Instant karma!: Thief stopped by lorry driver quick thinking Investing Show: Are stockmarkets too expensive? Is this the best car used advert ever? Vitara gets CGI treatment Rolls Royce showcases its bespoke capabilities in stylish car Unsettling digital safety advert will make you think twice online The world largest luxury car Machine in Singapore How should investors deal with the UK election result? Footage showing the amazing evolution of the Porsche 911 Carrera Should you worry about the election and your investments? Investing Show: John Redwood on whether Trump can deliver Sainsbury's to buy convenience rival Nisa in 130m deal,. Daily Briefing: Possible deal as Scottish Widows in line. Jaguar pandora glass charms Land Rover jobs drive for engineers who can create. MARKETS LIVE: FTSE jumps at the opening bell as David. ALEX BRUMMER: Hammond must be heard 'failure to secure. Brexit vote fuelled 146bn betting frenzy in City amongst. Private equity giant Blackstone backs UK property by. Co op Bank in 'advanced talks' with investors over. Women's retailer Bonmarch suffers 40% profits fall as. MIDAS SHARE TIPS UPDATE: Vital signs are improving at. A surprise surcharge AFTER you have paid it's the. Roaming may now be 'free' when you're abroad but you. 'Brexit is a lose lose proposition, harmful both to. Sainsbury's to buy convenience rival Nisa in 130m deal,. North South divide opens up in buy to let market as study. We're in crisis, say firms as EU workers shun UK: New.

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