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HMV will propose to banks it sells Waterstones

By | Published on Monday 21 March 2011


HMV’s proposals to its money lenders to turn round the fortunes of the flagging retailer will include selling Waterstones, a share issue and more store closures, according to both City AM and the FT.

As much previously reported, HMV is facing the prospect of breaching covenants relating to its debts, and is therefore busy trying to renegotiate its loan terms with its banks. The retailer is due to make a presentation this week, and those are among the solutions that are to be put forward for bringing about a quick resolution to current cash problems.

As much previously reported, one of HMV’s existing shareholders, Russian businessman Alexander Mamut, is known to be interesting in bidding for Waterstones.