The last remaining high street music chain HMV has revealed the extent of its struggles, revealing today that its sales continue to fall and that it is now operating at a loss.
Profits dropped below £1 billion for the first time, revealing a loss of £38.6 million and a drop in sales of 12.1%. Sales are down from £1.15bn to £923.2m over the past year, a dip of 19.7%.
The store has struggled greatly in recent years against online competition, closing stores and forcing job losses. The company has sold off several wings of its business including the HMV Live and aNobil ventures.
The chain has also closed numerous stores across the UK as sales plummeted, and chief executive Simon Fox is set to leave his post in September 2012.
"We are confident that the actions we have taken will enable us to significantly improve cash generation and make profits of at least £10m in the year ahead," Fox said ahead of his departure.