Home Book news Waterstone's is closing 20 of its stores in 2011

Waterstone's is closing 20 of its stores in 2011

by Louisa Klein

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.

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