Music and books retailer HMV Group will close 60 UK stores in the next 12 months in response to declining sales and a disastrous Christmas that saw trade 10% down on 2009.
A spokesperson for the group said that business was hit by the severe weather and "challenging trading conditions".
The firm's shares dropped 21% after it revealed the sales data, and admitted it was having trouble meeting the terms of a bank loan.
The 60 stores set to close represent about 10% of the group's 597 HMV and Waterstone's outlets with 40 HMV branches closing and 20 Waterstone’s.
As well as the store closures, HMV said it would implement other cost-cutting measures that would save it a further £10m per year.
Brighton is unusual because it has two HMV stores within walking distance of each other – one in Churchill Square and one in Western Road. Depending upon the terms of the leases one would seem a likely candidate to close but HMV has issued a statement saying both will be saved because they serve different markets.
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