Published May 20, 2011Back in January, struggling music seller HMV announced that it would be shutting 60 UK locations after a poor holiday season. Now, things have evidently got even worse for the record chain, as the company has opted to sell its Waterstone's bookstores.
According to figures given back in January, HMV owns 312 Waterstone's outlets, 20 of which had been marked for closure. It sold the chain to A&NN Capital Fund Management Ltd. in order to raise £53 million (about $84 million) to meet its bank loans.
In a statement, HMV offered this positive spin on the sale: "The sale of Waterstone's will enable management to focus more closely on executing the turnaround at HMV and continue to develop the HMV customer offering."
It's worth noting that HMV stores are currently doing even worse than Waterstone's. Billboard reports that in the 53 weeks leading up to April 30, Waterstone's sales were down 4 percent compared to HMV's 14 percent.
The Waterstone's sale is still subject to approval from shareholders and other financial organizers. By the the looks of things, HMV is quickly becoming the WMG of the record store business.