by / December 19th, 2011 /

HMV Irish retail future in doubt due to heavy losses

The continuing downward slide of the traditional music industry has been thrown into further focus with the news that the last major retailer left in the market is facing yet more financial trouble. HMV has declared losses of £36.4m in the past six months, down 17.6% on last year’s already dismal figures.

The company has net debts of £163.7m and, while a statement insists that they can continue for “the foreseeable future”, it also says that “the economic environment and trading circumstances create material uncertainties which may cast significant doubt on the group’s ability to continue as a going concern in the future.” What this means for the company’s Irish stores is still to be clarified, but past experience suggests that the coming year could see major changes.