HMV braced for tough quarter

Continuing harsh trading conditions taking their toll as firm believed to be engaged in urgent rescue talks with lenders

The UK high street continues its torrid 2013, amid rumours that HMV is locked in rescue talks with lenders as it battles continuing tough trading conditions.

Late last year the firm signalled that it would be likely to breach key loan agreements this month and admitted it was facing "material uncertainties". Its Christmas trading figures are due out later this week.

HMV is the latest in a line of beleagured high street retailers to hit tough times.

Last week camera chain Jessops pulled down its shutters for the last time, leaving more than 1,300 people out of a job and about £800,000 worth of gift vouchers obsolete.

And the saga of retail giant Comet continues, as the chain went into administration last year with the loss of more than 6,000 UK jobs.

The firm is now facing a government investigation into its demise.