Waterstone's is closing 20 of its stores in 2011

05.01.11
Waterstone’s has confirmed that 20 stores will close over the next twelve months as part of cost-cutting measures across the wider HMV Group. Results published this morning (5th January), which showed Waterstone’s performing better than sister chain HMV over Christmas, included the warning that full-year profits would be at the lower end of expectation, and that the group was close to breaking its loan agreements.
HMV has now committed itself to saving an additional £10m across the group over the next twelve months, including cutting 60 stores. Waterstone’s initially declined to comment on store closures, but later conceded that the “40/20” figure referred to by a HMV Group spokesman was accurate. “We’ve nothing to say beyond that,” the Waterstone’s spokesperson said. The group comprises 285 HMV shops and 312 Waterstone’s outlets.