Sep 7, 2018

UK bookseller Waterstones to acquire rival Foyles

UK bookstore Waterstones announced on Friday it would acquire rival Foyles for an undisclosed sum, as part of its fight back against online giant Amazon's "Siren call." The formerly family-owned Foyles has four stores in London and shops in Bristol, Birmingham 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." Waterstones said the addition of Foyles fitted well with its existing portfolio, which includes historic booksellers Hatchards and Hodges Figgis, retailers with "Distinct" personalities and "Singular heritages." Christopher Foyle said: "My family and I are delighted that Foyles is entering a new chapter, one which secures the brand's future and protects its personality. I look forward to witnessing the exciting times ahead for the company founded by my Grandfather and his brother 115 years ago."

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