HMV shares continue to slide as hopes rest on Christmas

<p>HMV shares have nosedived as the company rests its hopes on a Christmas reprieve.</p>

Shares in HMV have retreated again in trading this morning (December 24th), as the troubled entertainment retailer rests all its hopes on a turnaround over the Christmas period.

The chain – which has 238 outlets up and down the UK – reported its ongoing concerns earlier this month, the Independent reports.

Following a 10.2 per cent plunge in sales, HMV suffered a loss of £37.3 million over the six months to October 31st and warned it is very likely to break banking covenant tests in January.

Trevor Moore, the company's chief executive, has remained hopeful of the high street mainstay's future and claims its discussions with banks have been "constructive".

Nevertheless, HMV is being stalked by Apollo Global Management, the US vulture fund that has acquired over ten per cent of the firm's debt.

At 10:35 GMT on the London Stock Exchange, HMV shares nosedived by 2.5 per cent to 1.70p per unit.

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