Embattled retailer HMV has revealed further trading woes as it warned it would miss profit targets for the second time this year.
The music and books retailer also admitted it was set to breach certain terms of its bank loan and had opened talks with lenders in the hope of amending its banking terms. It said lenders continued to be “supportive”.
Given the scale of the challenges facing the firm, HMV said its chairman of two years, Robert Swannell, who was recently appointed to the same role at Marks & Spencer, was to be replaced by senior independent director Philip Rowley.
HMV said trading conditions had not improved since its last update in January, when it warned that tumbling sales over Christmas would leave profits at the lower end of market expectations.
The group, which also owns the Waterstone’s book chain, said it now expected to miss forecasts for £45 million in underlying pre-tax profits.
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