Dec. 13 - HMV shares tumbled 39% after releasing its results, giving the retailer a market value of just £10.1 million. Ciara Sutton reports.
39 percent is today's daily digit in Europe - the drop in HMV shares after their results were published. That saw the UK music retailer's market value drop to just over 10 million pounds. HMV has been struggling to survive in the face of competition from internet giants like Amazon. That's chipped away at their profit margins. Several suppliers including Universal Music came to its rescue last January, helping HMV get rid of some of its huge debt. And it's reported they recently secured improved access to the back catalogue's of music and film suppliers. But the retailer said it might breach its lending agreements in January, due to market conditions. Its latest first half sales figures have disappointed. HMV says a light release schedule over the summer due to the Olympics is partly to blame. It says it's managed to boost its share of the declining market with promotional offers. But not everyone is convinced - despite selling off book retailer Waterstones one analyst said HMV still had "insurmountable structural issues."