About a month ago I reported that Waterstone's, a UK bookstore chain, was in trouble because their parent company was in dire financial straights. I thought the parent company would wreck Waterstone's while trying to rescue themselves. It looks like I might be wrong.
Waterstone's might be up for sale.
HMV Group is reportedly holding talks to discuss the possibility of selling Waterstone's to the Russian billionaire Alexander Mamut. HMV Group are looking for a buyer to raise funds to reduce debt and allow group chief executive Simon Fox to focus on the turnround plan at the music stores. Waterstone's founder Tim Waterstone is involved in the bid to sell the chain to Mamut. He's wanted to regain control of his creation for some time now, and he probably leapt at this chance.
via This is money
image by Kake Pugh