HMV bids to sell live music division

Link to the article Channel 4

The struggling music retailer will bid to sell the live music arm of the business in an attempt to boost finances, after its half-year losses nearly doubled.

HMV Live runs 13 venues and a number of festivals, including London's Lovebox festival and Global Gathering near Stratford-upon-Avon.

The group, which recently sold off the bookseller Waterstone's, said today that HMV live would be placed under strategic review.

Shares in the company fell by 10 per cent following the news. HMV previously announced the closure of 60 shops in a bid to make £10m in savings.

The recent shift towards technology products, which has seen 144 out of 252 stores refitted, has generated growth in the company with like-for-like sales of headphones, speakerdocks and tablet computers up by 144 per cent. And in the first half of the year total company sales were up 8.2 per cent to £3.2m.