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HMV will hold talks this week with Russian investor Alexander Mamut over a possible sale of Waterstone's.
The Mail on Sunday reports the entertainment retailer will use a sale of the book chain to reduce debt and help HMV Group c.e.o. Simon Fox fund a turnaround plan for the music stores.
Sources told the newspaper the chain is likely to be sold for £70m, rather than the £100m previously valued. The meeting is believed to be taking place in London.