Waterstones to acquire rival Foyles
The UK-based book retailer, Waterstones, will be acquiring the British bookseller, Foyles.
The firm claims it will be buying its rival in order to combat the successful e-commerce industry.
As part of the deal, Waterstones will acquire Foyle’s well-known shop on London’s Charing Cross Road.
Waterstones, which has 283 stores across the UK and northern Europe, will become responsible for all seven of Foyle’s bookshops.
“We are honoured to be entrusted with Foyles business, and greatly look forward to joining forces with Foyles bookselling team,” remarked James Daunt, Manging Director of Waterstones.
“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.”
“My family and I are delighted that Foyles is entering a new chapter, one which secures the brand’s future and protects its personality,” commented Christopher Foyle, grandson of one of Foyle’s founders.
“I look forward to witnessing the exciting times ahead for the company founded by my grandfather and his brother 115 years ago.”
Like what you see! Signup for our weekly newsletter