HMV to set out its rescue plan

ENTERTAINMENT giant HMV is considering selling its book chain Waterstone’s as part of a rescue plan to be revealed to its banks this week.

The group is thought to be considering the options of selling Waterstone’s, which could be worth up to £75m, a share issue and more store closures.

HMV has issued four profit warnings since September and has told lenders it is in danger of breaching its banking conditions after the end of the financial year in April.

It forecast it would finish the year with net debts of £130m.