Shares in the British company fell 24% in response to a 13.6% reduction in sales over the Christmas period compared to the previous year.
Chief executive Simon Fox said, "The pace of change in the markets in which we operate underlines the urgency with which we must continue to transform this business."
HMV said they would also find £10-million worth of savings on top of the closures, blaming the weather at the end of December and "challenging trading conditions."
Elsewhere clothing retailers Next have estimated that snow over the holiday period caused sales to decrease by 6.1% compared to Christmas 2009.
Although their trading statement said the outlook for 2011 is "uncertain", a spokesperson told HR that there were "no plans" for job losses.
Wargaming company Games Workshop also announced a 4% decrease in trading between June and November compared to the previous year, provoking a 18% decrease in share prices.
Meanwhile strike action at the Heinz factory in Wigan has been averted as Unite agreed to ballot members over a revised pay offer.
The 24-hour action was due to start this afternoon but union representatives have agreed to consult members of the increased offer.
However, Unite says the offer "falls short of what the workforce deserves" and will reschedule the action for Tuesday next week if members reject the offer.
Jennie Formby form Unite aid the offer was "certainly less than Heinz, a profitable and recession-resistant company, should and could be playing," although a Heinz spokesperson said that the offer was "well above our competitors and UK average weekly earnings."
