By Max Clarke

Declining sales over the holiday period have contributed to HMV’s share prices plummeting 78% over the past year. This Christmas, sales in their stores were down 10% from 2009.

The retail giant is expected to be closing 60 branches across the country over the next year, in response to declining profits from their stores.

HMV opened its flagship store on London’s Oxford Street in 1921 to a strong reception, and over the past 90 years a further 279 stores have been opened across the country and Ireland.

Initially selling only records, HMV’s operations, under their iconic logo of Nipper the dog peering into a grammarphone, expanded and now covers hardware, games, video and more.

Aside from their stores and online trading, HMV- under the name MAMA- owns 13 music venues including Britain’s largest gay club ‘Heaven’ and the Jazz Cafe in Camden. HMV’s MAMA group is turning over profits and is unlikely to be affected by the drop in share prices and resultant store closures.