So Alan Giles has up and quit on HMV – what’s a major conglomerate to do, especially when a big merger is in serious question?
First, HMV is looking for a successor; they also admit that the Internet pretty much steamrolled them during the Christmas holiday.
But was Giles’ exit really connected to low results? Hard to say, but some people don’t buy it as a coincidence: One head of house believed it was. “If it wasn’t, why announce it now? Why not wait until Easter?” Another said: “I don’t think there’s a connection. They just felt it was a good time to announce it all in one go. One presumes he’s staying on to oversee the possible merger with Ottakar’s.”
But the juiciest rumor of all may involve Waterstone’s head buyer Scott Pack, according to Publishing News, considering offers to join up with 2 possible publishers.
And as for the merger itself? The Office of Fair Trading will publish its results in March. So with all these things happening, it’s a good idea to continue staying tuned to it all…