Accountancy Age

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HIGH-STREET music chain HMV is at risk of breaching its banking covenants in the new year, it has warned. Announcing falling sales and an operating loss for the 26 weeks to 27 October 2012, HMV’s new CEO and CFO warned that current performance made it “probable” that covenants would not be complied with by its next test date in January 2013. The directors said that, as such, the issues represent a…