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HMV raises Harry Potter fears
HMV Group gave warning that Harry Potter would not fly to the rescue of the ailing retailer this summer as it revealed further sales declines at its Waterstone’s bookstore chain, reports the Times. Simon Fox, chief executive, said that Waterstone's had already sold nearly as many by preorder as were sold in total of the sixth Harry Potter book. But because it was selling it at £8.99 – half price – it would be "hard to make money".
Fox's comments reflect the fears of Kate Swann, the chief executive of WH Smith, and Philip Downer, the retail director of Borders, as the high street prepares for a Harry Potter price war with the supermarkets and online stores such as Amazon, which is already offering the book for £8.99. Asda and Tesco will deliver the Bloomsbury publication for 12p less, plus postage and packing.
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