STAFF at HMV and Waterstone's face an anxious wait over their future after it was revealed that the chain plans to announce the closure and sell-off of some of its high street stores.

The struggling music and books chain, which has a Waterstone's store on Deansgate and and branch of HMV on Exchange Street, Bolton, will announce details of the plan on March 13.

The two stores employ 23 people in total.

The company has appointed London property agent CB Richard Ellis to sell between 10 and 20 Waterstone's stores, a decision that was taken after the takeover of rival book chain Ottakar's.

But CBRE said that it had also been instructed by HMV chief executive Simon Fox to review the company's entire portfolio of stores that trade under the Waterstone's and HMV names.

Flagship stores such as London's Oxford Street and the Trafford Centre are understood to be safe, but smaller town centre stores could be under threat as the chain attempts to stem losses in a declining music market.

Bolton Town Centre manager Cathy Savage said: "I sincerely hope that the Bolton branches of HMV and Waterstone's are not taken away from us. They are both key names to have in any town centre and their presence helps to retain a broad retail offer.

"I certainly hope that this planned review sees their importance to the town and makes the appropriate decision."

The chain has 137 HMV stores, and has been integrating 143 Ottakar's stores into its existing portfolio of 300 Waterstone's stores.

In December, HMV said that it expected full-year profits to be between £69 million and £86 million. Last year, the group made £98 million and the year before that £131 million.

HMV said it would not comment on the plan before March 13, but added: "The chain also plans to include the introduction of new products, such as a broader range of electronics, to make better use of floor space in stores."