HMV has implemented a group wide pay freeze that hits staff at both HMV and Waterstone’s.

The year-long pay freeze, implemented this month, affects staff across all levels, including management.

An HMV spokesman said the retailer was taking efforts to “continue to contain costs” in the downturn. He added: “There are a lot of initiatives going on to contain costs.”

He added that there are no redundancy programmes planned as part of the cost cutting measures.

HMV’s group pre-tax profit surged 17.7% to £74.2m while total group sales rose 3.1% to £2bn in the year to April 24.

Topics