Waterstone’s parent freezes staff pay across the group
13.07.10 | Graeme Neill
Waterstone’s has confirmed that staff pay is to be frozen this year as part of a wider move across the HMV Group to maintain costs. A spokesperson for the bookseller said: “No pay awards are being made across HMV Group this year as we continue to contain our costs.”
The chain declined to comment further. Yesterday The Bookseller revealed that the chain was to open a cinema at its Piccadilly branch.
In Waterstone’s most recent set of results, for the year ending 24th April, profit fell by more than 70% to £2.8m. Sales were also down 6.3% to £513.6m. At the time, managing director Dominic Myers described the figures as being caused by an “unacceptable Christmas”, adding: “We need to see a substantial improvement in profits. We have got a clear program to achieve that which we are well on track with. Most of this is focused on getting a good proposition in place in time for Christmas and I am confident we will do that.”