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Bidders given two weeks to make Waterstone's move
16.05.11 | Bookseller Staff
Bidders for Waterstone's have a reported two weeks to express a formal interest in the chain, as parent HMV Group said it was in "advanced discussions" over a sale.
The Mail on Sunday reports investment bank Nomura has set the deadline for bidders including turnaround specialists Valco, owned by Hilco, GA Europe and Sun Capital. Russian billionaire Alexander Mamut, who has teamed up wth the chain's founder Tim Waterstone, reportedly tabled a £43m bid over the weekend.
Retail analyst Nick Bubb at Arden Partners described the Mamut offer as a "pretty poor price" for the chain. He said he believed HMV Group would make a small loss in its next financial year, "so selling Waterstone's is not the final answer".
At time of writing, HMV Group's share price was 10.75p, up from 10.12p when the markets opened on Friday.



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As well as the RBA, there is UNITE who I joined. Look them up. I joined in November when my (now ex) manager decided to have a screaming fit on me. The RBA are good, but I expect they have their hands full right now. Also don't forget ACAS, if anyone wants to try a make you a scapegoat in work, give them a tinkle. But, yes there is alot of pressure on waterstone's staff. Particularly when we are told that our stock is being reduced but the difference will be made up customer orders, from people who will have to order in the latest bestseller because it's not on the shelf :)
Having gone through the process twice I have to second what Hello Autumn Friends says. My last set of paperwork had incorrect information on it which could have affected my redundancy settlement had I not been prepared to challenge the details of it.
I do really hope and pray that we will not be bought by one of the restructuring companies. Even if it may help WS survive, I wonder if it will do the company any good. But ah well, that's our economic climate for you, I guess..
Where's Dominic Myers in all this?
Has he left?
He's been very quiet... did I miss him leaving the company?
"Alexander Mamut has reportedly made a £43m offer for Waterstone's, as a 5pm deadline looms for bidders."
Wish you could get your stories straight!
If Mamut offered £43m over the w/e, how could it be reported last week?
Is the deadline for other interested parties 2 weeks from now, or as previously reported, last Friday at 5pm?
I believe they have been given an extended two weeks, since clearly the offer from the Russian wasn't enough...
Well, there's not many 2 week extensions left until the beginning of July. They'd better get a move on!
ps
Did HMV save much money by sacking their PR department?
I'd recommend staff look into joining a retail/trade union. If you're made redundant W will try to give the bare minimum and attempt to drive staff against one another. I've been there and it was the worse experience. Even if a union isn't allowed to represent you, they can be a great source for your legal entitlements. W also don't want anymore bad publicity (why is it no other bookshop has so many commentators on these boards? Are Waterstone's particularly adept at hiring angry people? Probably not).
I second this comment. having been through a W redundancy my advice is join the RBA now. They were fantastic and made a horrible situation bearable. Chin up peeps!
In store is pretty awful at the moment. Twitchy area managers, threats of disciplinary procedures if we don't sell enough linksaves. Putting damaged crappy stock out to sell. Most Waterstone's employees love bookselling, but all the joy has been ripped out of it by the pure contempt piled upon us from head office types.
That sums up everything that's wrong with Waterstone's. In Ottakar's, if the business was in a crisis, James Heneage would send out an email to the staff spelling out the situation and telling them how crucial it was that they pulled out all the stops. Nobody ever talked about disciplinary action - they didn't need to. Heneage knew that motivation was more productive than fear and he inspired a tremendous loyalty.
I expect some smart alec will write a cynical comment about Ottakar's and James Heneage, but the fact is that it was loved by both staff and customers. When HMV first tried to buy Ottakar's, the OFT received a record number of objections from the general public.
At this late stage in the game for Waterstone's, linksaves aren't going to make any difference either way (I suppose they think that if they can boost the sales for a few more weeks, they can dupe a buyer into coming up with more than £43m). Everyone should be pulling together. Threatening disciplinary action is utterly pathetic.
As someone has already commented, staff should join a union. I didn't and lived to regret it. Also, keep a record of any inappropriate remarks made by managers or regional manager. Waterstone's doesn't have a great track record in the HR department, so you have to watch your back.
I miss James!!
He was inspiring and honest.
I did have a lot of respect for Dom too - but there has been nothing from him to the teams, not even a "look I know it's a challenge and your all worried but all we can do is keep your chins up and drive on" My team NEED something from him...he's supposed to be the leader for f***s sake. Lead from the front Dom!!
Dominic's silence has been worrying, to say the least. Its been about six weeks since his last message to stores (which, to be fair, was about as positive and reassuring as it could be). He responded to last weeks developments with a one sentence email which simply acknowledged the hmv statement. This is a horrible period for everyone- the company is utterly directionless and many staff fear they are facing redundancy. Say something!
If it helps
http://www.the-rba.org/
Sign up its worth the 6 quid a month and they will fight for you.
Sad..I closed my shop ,the Regent Bookshop in 2005. The trade was getting stupid when I was forced to buy Harry Potter at Safeways instead of Bloomsbury because it was cheaper there than wholesale.
I never really had an issue with Waterstones but I found it unfathamable that individually managers were stifled by central buying.
The face of the chain could have been so different if each store had been allowed to form its own local identity, the unacceptable face of the conglomerate prevailed ,however, and the result will be that the demise of the chain should it happen will not be missed.
I wish all you real Booksellers caught in the misery all the best of luck and maybe..maybe someone who loves books will end up at the helm,..Somehow I doubt it.
Maybe Myers is keeping his head down and putting together his business plan for a management buyout? Or maybe just polishing his CV?
My partner works for W. and it is true that at the moment if you do not sell certain items or mention about the loyalty card. You are threatened to be put on a disciplinary.
It is not comming from the BM but further up the ladder. I am glad that I do not work for such a company. The company I work for actively encourage staff to look at ways of promoting the company and safe the company money by coming up with Ideas.
I can remember when James Heneage was in charged and the store was more friendly and there was no tack on the shelves. Ottakars was a book store. Now when you walk in to the store you feel an atmosphere. What does this say to potential customers.
Lets hope that the HMV board pick a buyer who will respect the staff and give them back there sense of worth.
I'm sorry but that is rubbbish
The only recent communications from head office state that "We know nothing, everything is ok, don't panic, carry on..." and the only thing we hear from our terrible anti-human-contact email-friendly area managers are "SELL MORE LINKSAVES!"
*sigh*
My heart goes out to those of you in the stores threatening disciplinary action for not selling enough linksaves...that sounds totally and utterly miserable, horrid and just plain bonkers! My store isn't exactly full of happy campers but thank goodness our manager hasn't resorted to that (yet).
I really wish that Dom would send out a message to staff to keep us informed of what's happening because having to get all our info from here isn't exactly ideal.
Wonder if they're doing the opinion survey this year? ;)
If linksaves are the answer then I wonder if HMV will offer Fopp to Mumut at 50% off if he'll buy Waterstone's?
*like*
As well as the RBA, there is UNITE who I joined. Look them up. I joined in November when my (now ex) manager decided to have a screaming fit on me. The RBA are good, but I expect they have their hands full right now. Also don't forget ACAS, if anyone wants to try a make you a scapegoat in work, give them a tinkle. But, yes there is alot of pressure on waterstone's staff. Particularly when we are told that our stock is being reduced but the difference will be made up customer orders, from people who will have to order in the latest bestseller because it's not on the shelf :)
Having gone through the process twice I have to second what Hello Autumn Friends says. My last set of paperwork had incorrect information on it which could have affected my redundancy settlement had I not been prepared to challenge the details of it.