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WATERSTONES SOLD TO RUSSIAN BILLIONAIRE

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WATERSTONES SOLD TO RUSSIAN BILLIONAIRE

Post  Panda on Thu 23 Jun - 15:10



Investors Give Thumbs-Up To Waterstone's Sale
1 Comments1:55pm UK, Thursday June 23, 2011

HMV Group has finalised the sale of Waterstone's book chain to Russian billionaire Alexander Mamut at its AGM.


Waterstone's new owner Alexander Mamut plans to give the firm an increased community focus


Shareholders voted 99.5% in favour of the £53m sale of Waterstone's, which has 296 stores in the UK.

HMV has a debt pile of £170m, and has struggled with falling sales of CDs and DVDs as well as strong online competition.

The firm has already issued three profit warnings this year.

Chief executive Simon Fox has tried to improve the firm's fortunes by stocking electrical goods and gadgets.

Lenders made completion of the Waterstone’s deal one of the conditions of new banking facilities worth £220m available until September 2013.



Chief executive Simon Fox is hoping the Waterstone's disposal will refocus HMV


Following the shareholders' approval, the Waterstone's sale will go through on Tuesday.

Mr Mamut intends to position Waterstone's, which employs 4,500 people, as a regional and local community-orientated bookseller.

He has not disclosed whether this will result in store closures, however.

HMV hopes to revive its core business by selling more gadgets such as iPads and iPods and developing its live entertainment division.

The firm will unveil its full-year results next Thursday



Does Britain own ANYTHING NOW!!!!!!

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Re: WATERSTONES SOLD TO RUSSIAN BILLIONAIRE

Post  Badboy on Thu 23 Jun - 17:14

Isn't hmv going to shut 60 stores in a bid to save money?

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Re: WATERSTONES SOLD TO RUSSIAN BILLIONAIRE

Post  Panda on Thu 23 Jun - 17:34

Badboy wrote:Isn't hmv going to shut 60 stores in a bid to save money?

Yes Badboy, the way things are going Britian will own b***er all , bought out by Russia and China who wisely did not get involved in any costly Wars .

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Re: WATERSTONES SOLD TO RUSSIAN BILLIONAIRE

Post  Badboy on Thu 23 Jun - 18:58

slightly off topic,it appears more people are buying online,so hmv and other shops in the high street are making less money,it is being said that the high street may consist in the future of hair dressers,beauty salons,coffee shops/cafes,food/drink shops,perhaps some supermarkets and that will be more or less the high street,sounds as if the high street will be a bit boring in the future.

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Re: WATERSTONES SOLD TO RUSSIAN BILLIONAIRE

Post  Panda on Thu 23 Jun - 19:17



Yes Badboy, the High Streets will be like ghost Towns, everything can be bought online now and it"s only the elderly who don"t have Computers who will shop at there Local Supermarkets . Where I live they have spent Millions of £"s developing the City and it"s very attractive , but the Economy is in
crisi around the World and I think Greece will default whicch will make matters worse. Start stocking up NOW on essentials.

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Re: WATERSTONES SOLD TO RUSSIAN BILLIONAIRE

Post  kitti on Fri 24 Jun - 11:40

Royal mail is to be sold off or what they say, privatised .



What's the betting that it will be bought by a foreign company and then god help us.


You don't think this new company will keep the same employees as they have now, do you....no...


Next will be lloyds bank..........

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Re: WATERSTONES SOLD TO RUSSIAN BILLIONAIRE

Post  Panda on Fri 24 Jun - 11:56

kitti wrote:Royal mail is to be sold off or what they say, privatised .



What's the betting that it will be bought by a foreign company and then god help us.


You don't think this new company will keep the same employees as they have now, do you....no...


Next will be lloyds bank..........

Hi Kitti, Harold Macmillan famously said years ago about the privatisation of the Railway, Water, Electricity . "you are selling the Family Silver",
now because the Russians and Chinese were wise enought not to send their troops and Armoury to Iraq, Afghanistan and now Libya on a failed mission
they have saved Billions so they can afford to lend money and buy up Country assets .

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Re: WATERSTONES SOLD TO RUSSIAN BILLIONAIRE

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