Waterstone's boss out

Jan 14 2010 By nebusiness

HMV Group today branded Waterstone’s Christmas performance "unsatisfactory" as it announced the departure of the book chain’s boss.

Waterstone’s saw its like-for-like sales slump 8.5% in the five weeks to January 2, as it suffered from the weakness in the high street book market and the collapse of Borders, which finished its closing down sales on Christmas Eve.

HMV today said it had appointed Dominic Myers as managing director of Waterstone’s, replacing Gerry Johnson who will also leave the group’s board.

Meanwhile, the HMV chain enjoyed record trading in the period in the UK and Ireland, helped by its improved position after the disappearance of rival Zavvi from the market and the addition of temporary Christmas stores.