BBC News report that struggling U.K. entertainment retailer
HMV are to close sixty of their stores (which includes 20 of their duel Waterstones branches) in the U.K. following a 21% share drop after a significant fall in sales over the Christmas period. Severe weather conditions over the month of December is partly cited as the reason but also the usual suspects; the recession and consumers choosing downloads to get their entertainment kicks. It's also reported that HMV are now struggling to pay back a bank loan. As someone who was previously employed by Virgin Megastore and later Borders during their final hours - I can sympathise with HMV's staff who are probably being kept in the dark right now. For Borders, the closing of our flagship Oxford Street store was the beginning of the end and despite talk otherwise coming out of the Head Office, it was only a matter of time until the game was up. HMV announced their flagship 360 Oxford Street store would close a while ago. There's no mention of which other 60 of the 400 HMV branches that exist nationwide will close by the end of 2011, but I imagine everyone who works at HMV think they are on the Titanic right now. I've been through it. I know how you feel...