THE future of the Isle of Man branch of HMV could be in doubt after the entertainment retailer announced it would be shutting 60 stores across the United Kingdom.
HMV Group PLC (comprising of HMV and Waterstone's) said it would be taking "aggressive action" after a negative trading period last year which saw sales fall by 13.3 percent in the 10 weeks up to January 1.
Severe weather in the UK which continued up until Christmas was blamed for the fall in figures with the group saying that the trading period was "significantly undermined" by the weather.
Isleofman.com contacted HMV's head office to find out if the Island's branches of HMV and Waterstone's would be affected.
A spokesman for HMV said: "At the end of the day we are talking about a relatively small number of stores which in the main are likely to be located in large city conurbations and trading in close proximity to each other resulting in a degree of duplication in relation to local demand.
"However while we are pleased to say that the majority of HMV stores around the country are unlikely to be affected we will also have to review the future of some stores that may be potentially no longer viable, given increasingly high rents and other associated running costs, although we are not yet in a position to say which these will be.
"This move in no way signals any intention to pull out of entertainment retail, which remains at the heart of our offer, and is ultimately aimed at safeguarding our core business as we continue our transformation into a broad-based entertainment brand that now also encompasses live music venues and festivals."
HMV's chief executive Simon Fox said: "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."
What do you think? Would you be sad to lose HMV and Waterstone's from Strand Street? Leave your comments below:
