HMV has warned that uncertainties facing the business mean it is likely to breach its banking covenant in January.
The high street stalwart - which sells CDs, DVDs, games, music players - said it was in "constructive discussions" with banks about its performance.
Total sales at HMV fell 13.5%, while like-for-like sales were down 10.2% in the six months to October 27.
It reported a loss before tax of £37.3m - an improvement on the £48.1m loss over the same period the year before.
But the the 91 year-old company said its net debt increased to £176.1m from £163.7m.
Its chief executive Trevor Moore admitted that HMV had experienced a difficult first half of the year.
"However, the business has started to deliver a number of new initiatives which will help to maximise the seasonal sales opportunity and provide a platform for growth in 2013," he said.
"Additionally, as we trade through this period we will continue to develop further initiatives with our suppliers and I will provide updates at the appropriate time."
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