Supermarket giant Tesco is to sell its stores in Japan after admitting defeat in its eight-year push to become a major player in the country.

Ailing HMV was today thrown a lifeline by its lenders following a deal that will give Britain’s taxpayer-backed banks a stake in the retailer.

British sportswear retailer JJB today warned it was likely to violate the terms of a £25m (€29.6m) loan as trade at the embattled company continued to deteriorate.