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James Daunt's tenure at the helm of Waterstone's is likely to be about "revolution not evolution" as he begins his leadership of the company, according to a source close to the situation.
The new m.d. of the high-street bookseller took control of Waterstone's on Wednesday (29th June), as previous m.d. Dominic Myers exited the company. On the same day, the HMV Group announced the official completion of the sale of the chain to Russian billionaire Alexander Mamut's A&NN Group.
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Written By:
Lisa Campbell and Graeme Neill
Waterstone’s today begins its first day under the ownership of Russian billionaire Alexander Mamut’s A&NN Group as previous m.d Dominic Myers officially leaves the bookseller.
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Managing Waterstone's will be a challenge in the current market and its new Russian oligarch owner is not going to support the chain with a large chequebook, the chain's new m.d., James Daunt, has said.
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Written By:
Charlotte Williams, Lisa Campbell and Graeme Neill
Waterstone's booksellers are relieved over the chain's acquisition by Alexander Mamut, with one saying: "The staff will be behind [new managing director James Daunt] 100%." Fears remained, however, over possible bookshop closures.
One bookseller said news of the deal was "gratefully received". "There is not total calm yet as everyone is still waiting to see what will happen. While Daunt is a confidence-booster about the future of the stores after a worrying few weeks, we still don't know what will happen when he comes in," he said.
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The safeguarding of Waterstone's future will secure the midlist of history and science writing, literary fiction and memoir, the m.d. of Faber has said. Stephen Page, writing in the Guardian, said if the Waterstone's acquisition by Alexander Mamut goes ahead, it would be "tremendous" news for readers and writers. He said: "Despite all the noise about e-books and online marketing, bookshops are still at the heart of creating audiences for books."
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The takeover of Waterstone's by Alexander Mamut is cause for celebration among the publishing industry, Faber c.e.o. Stephen Page has said.
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