Waterstones reveals €13m pre-tax loss after closure of two stores
Published 30/01/2012 | 05:00
The Irish arm of bookseller Waterstones plunged further into the red last year after the company recorded impairment charges and store closure costs totalling €13.1m.
Last year, two of Waterstones three Dublin stores closed with the loss of 46 jobs following a decision by its former parent, the HMV Group.
The UK-based Waterstones group was acquired by a vehicle of Russian billionaire businessman Alexander Mamut, A&NN Capital Fund Management, from HMV for £53m (€63m) on a debt and cash-free basis in June last year.
Accounts just filed for the 53 weeks to the end of April 30, 2011, show that Waterstones Booksellers Ireland recorded a pre-tax loss of €13m after a pre-tax loss of €7.9m in fiscal 2010.
The company recorded the loss last year after exceptional costs totalling €13.1m were incurred as a result of non-cash impairment of intangible assets, together with store closure and pension scheme settlement costs.
The figures show that the bookseller's revenues last year declined by 8.8pc from €21.7m to €19.8m.
As a result of the store closures last year, the company's Hodges Figgis is the book chain's only remaining Dublin outlet.