The last two months have seen the company issue two profit warnings, as well as announce 60 store closures (40 HMV and 20 Waterstone's) and the company is expected to breach the terms of its banking covenants in April.

However Fox said lenders were being positive and supportive with the company, helping shares of the national entertainment chain rise 3.75p to 15.25p.

Speaking at the Retail Week conference yesterday at a session titled The Future of The High Street, Fox ...