HMV is to close 60 of its UK stores over the next 12 months, the company has confirmed.

The music retailer has seen shares fall drastically recently, with Christmas sales also down 10 percent. By closing the stores, it is hoped that the company will be able to control its costs more efficiently, reports BBC News.

The move comes as a result of "challenging trading conditions" and the recent bad weather, according to the company, although chief executive Simon Fox remained positive about HMV's future.

"The pace of change in the markets in which we operate underlines the urgency with which we must continue to transform this business," Fox explained.

High street competitors including Woolworths and Zavvi have both ceased trading in recent years.