Waterstones has announced its acquisition of the Foyles bookshops from the Foyle family. In addition to its Charing Cross Road flagship, Foyles has three shops in London together with shops in Birmingham, Bristol and Chelmsford.
James Daunt, Waterstones managing director said: ” We are honoured to be entrusted with the Foyles business and greatly look forward to joining forces with the Foyles bookselling team. Together we will be stronger and better positioned to protect and champion the pleasures of real bookshops in the face of Amazon’s siren call. It is an exciting and invigorating time in bookselling as good bookshops are rediscovering their purpose in the fightback against online and e-reading.”
The transaction is expected to complete before the end of the year. Terms have not been disclosed.
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