HMV to sell Waterstones to Russian billionaire

[HarryT]

From the BBC:

HMV has agreed to sell its Waterstone's book chain to a fund controlled by Russian billionaire Alexander Mamut for £53m.

Mr Mamut already owns 6% of HMV, which has issued a string of profits warnings this year.

The sale to A&NN Capital Fund Management still needs shareholder approval, but HMV said the deal should be finalised by the end of June.

For those unfamiliar with them, Waterstones are THE dominant chain of book shops in the UK, with a presence in almost every high street.

Full story at:

http://www.bbc.co.uk/news/business-13466179

[GeoffC]

It will be interesting to see how Waterstone's develops.

In Aberdeen they took over Ottakars, and it just leaves WH Smith as the only other (largish) bookstore.

[JeremyR]

I've heard of them, but now you've made me wonder what a high street is.

I would guess it's a place with a lot of shops, so presumably a main street (though main streets are pretty rare in the US, except in small towns)

[mr ploppy]

These days, a high street is a row of empty shops with a Tesco Express at one end.

[fjtorres]

Originally Posted by mr ploppy

These days, a high street is a row of empty shops with a Tesco Express at one end.

The UK equivalent of a strip mall? Or just a colloquial term for a shopping district?

[HarryT]

It's the normal expression for the main shopping area of a town.

[GeoffC]

Originally Posted by JeremyR

I've heard of them, but now you've made me wonder what a high street is.

I would guess it's a place with a lot of shops, so presumably a main street (though main streets are pretty rare in the US, except in small towns)

Try this - its explanation is good ..... http://en.wikipedia.org/wiki/High_Street

[fjtorres]

Originally Posted by GeoffC

Try this - its explanation is good ..... http://en.wikipedia.org/wiki/High_Street

Yes it is.
Thanks.

[carpetmojo]

Well, we read it here...................




Quote from my local Waterstone's today - "don't know what's going to happen, we were taken over this morning.."

( Probably = )

Sinking feelings ensue.....................

[elcreative]

Have you been in a Smiths recently... bookstore...

Originally Posted by GeoffC

It will be interesting to see how Waterstone's develops.

In Aberdeen they took over Ottakars, and it just leaves WH Smith as the only other (largish) bookstore.

[HarryT]

Originally Posted by carpetmojo

Sinking feelings ensue.....................

I think that Waterstones are going to be in a far better position without the "millstone" of HMV around their neck. I see this probable sale as a positive move.

[mr ploppy]

Originally Posted by fjtorres

The UK equivalent of a strip mall?

Yeah, but without the strippers. You need to pay extra for those.

[GeoffC]

Originally Posted by elcreative

Have you been in a Smiths recently... bookstore...

Yes and surprisingly it was a pleasant experience - they may have done something in recent months/years ....

Originally Posted by mr ploppy

Yeah, but without the strippers. You need to pay extra for those.

I wondered about the strip mall - and confess to thinking it was lit by red lights ....

not quite the shopping arcade, then ....

[elcreative]

I was in a main city centre branch of Smiths only a few days ago and would have found it a far more enjoyable experience if they had staff, stock (apart from all their non-book items) and even the current day's newspaper... count yourself lucky and make sure you use it if it's that pleasant... old saying, "Use it or lose it."

Originally Posted by GeoffC

Yes and surprisingly it was a pleasant experience - they may have done something in recent months/years ....

[orlok]

Originally Posted by HarryT

I think that Waterstones are going to be in a far better position without the "millstone" of HMV around their neck. I see this probable sale as a positive move.

I agree, it can only be positive, given that they have gone nowhere for the last couple of years.