Continue reading the main story<\/a><\/p>\n\t<\/p>\n
\t<\/p>\n
Shares in HMV Group have climbed 6% after the troubled music and book retailer said it was exploring options to sell its Waterstone’s bookstores.<\/p>\n
Founder Tim Waterstone and Russian billionaire Alexander Mamut are reportedly looking at buying the chain.<\/p>\n
The group has issued two profit warnings this year and said that it may breach its banking covenants as sales continue to disappoint.<\/p>\n
However, it said no discussions about a sale were taking place.<\/p>\n
“In response to press speculation, the board confirms it is exploring strategic options in respect of Waterstone’s and HMV Canada,” a statement from the retailer said.<\/p>\n
“There can be no certainty that any transaction will be concluded.”<\/p>\n
Earlier this month, the group warned that full-year pre-tax profits would miss market expectations of \u00a345m and that it may breach the terms of its bank loans.<\/p>\n
However, it reiterated on Friday that its “lending banks continue to be supportive, our banking facilities remain fully available and the group is continuing to maintain regular and constructive dialogue with its lenders”.<\/p>\n
HMV is closing 60 stores this year as a result of falling sales.<\/p>\n
The company has struggled in the face of fierce competition from online retailers such as Amazon and iTunes.<\/p>\n<\/p><\/div>\n<\/p>\n
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