I hadn't reported on the HMV story when I heard about it because Waterstone's reported having a good season. I also didn't report on Waterstone's deciding to close 20 stores as a cost cutting measure. And I didn't report when HMV Group's suppliers couldn't get insurance to cover unpaid invoices.
Each of those stories are relatively minor but when you line them up, what do you see? I'm beginning to think that Waterstone's might be in trouble. They're not in the same situation as Borders, no- not yet, at least. But I think HMV Group are going pauper Waterstone's while trying to rescue the rest of the company. If and when HMV Group go into administration (the UK equivalent of US bankruptcy), I don't think the bookstore will be anything but a shell.
image via Kake Pugh