30th Aug 10
Waterstone investors tell HMV to increase profits
by Harry Oldfield
Waterstone investors are calling on HMV, the UK retail giant that owns the bookstore, to increase performance or sell the chain. The unsatisfied shareholders have let it be known in no uncertain terms that HMV chief executive Simon Fox is responsible for turning around the struggling company, and expects results by March 2011; exactly a year after HMV unveiled a new corporate direction which it hopes will increase Waterstone profits.
According to one shareholder, the £2.5 million in profits Waterstone earned through its £500 million in sales is completely unacceptable. This sentiment was echoed by another Waterstone investor who said that HMV has done a poor job of managing the firm, and it is quite possible that Waterstone could do much better without music giant HMV as the parent company.
A spokesperson for HMV defended the firm, and said that there is a clear strategy to make Waterstone more profitable, which is focused primarily on helping stores reflect the interest of its local customers as well as reinforcing the belief that Waterstone is a range bookseller. The spokesperson went on to say that although HMV is only a few months into the current plan, great strides have already been made.
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