HMV profits down 61%, but sells Canadian stores

HMV, the struggling UK retail and live music group, have announced a 61% drop in profits down to £28.9 million for the last financial year. CEO Simon Fox has now successfully sold the firm's Waterstones booksellers and Canadian retail chains, raising much needed cash and reducing liabilities, and has negotiated new bank loan terms, giving Fox two years to turn things round at HMV.