MUSIC and book retailer HMV shares are down by 12 per cent.
The company had issued a profits warning, saying that adverse trading conditions had deteriorated further since January.
It said that its brands Waterstone's and HMV had not adapted quickly enough to the way customers are now buying and consuming media.
A number of UK back office jobs and store closures will be looked at as part of the cost-cutting drive to save £40 million a year by 2010.
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