Retailer HMV Group today said it had agreed a deal to sell book chain Waterstone's to Russian billionaire Alexander Mamut for £53m sterling.
HMV closed two of its five Waterstone's outlets in Ireland earlier this year.
The company, which has issued three profit warnings this year, said it had conditionally agreed to sell Waterstone's to A&NN Capital Fund Management Limited, a company controlled by a trust in which Mamut has an interest.
Mr Mamut is a friend of Roman Abramovich, the billionaire owner of Chelsea football club.
HMV said the deal is conditional on the approval of shareholders, the pension trustee and pensions regulator, and the consent of its lending banks including a renegotiation of the group's lending facilities.
The firm also updated on trading, cautioning that weak market trends had continued in the core HMV UK and Ireland business, where sales at stores open for over a year slumped 15.1% in the 17 weeks to April 30. Total group sales fell 14.1% over the period.
HMV forecast underlying profit for the year to April 30 of around £28.5m and year end debt of about £170m.
The 90-year-old company trades from about 700 stores in seven countries.
