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Hastings to Liquidate Between Now and October 31

Per our previous reports, the stalking horse bid from liquidators Hilco and Gordon Brothers has prevailed, and it appears that no other offers were made at Wednesday's scheduled auction. While the plan requires final acceptance by the Bankruptcy Court on Friday, complete documents for a "notice of successful bidder and…

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Liquidators Approved As Hastings Stalking Horse Bidder

At a hearing on Monday afternoon, a Delaware Bankruptcy Court judge approved the stalking horse bid for the inventory of Hastings Entertainment from liquidators Gordon Brothers and Hilco that we reported on last Friday. Per that earlier report, the bid "provides for a guaranteed payment of 75 percent of the cost of the…

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Random House Studio Taken Over By Bertelsmann's FremantleMedia

Random House Studio, the eleven-year-old film and television group operated by Penguin Random House, has been "acquired by" and transferred over to FremantleMedia North America, part of PRH parent company Bertelsmann's RTL division. In turn, FMNA has entered into a partnership with Meridian Entertainment, a China-based global content developer that…

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Potential Stalking Horse Bid Has Hastings On Likely Path to Liquidation

With a potential auction -- if there are any bidders -- scheduled for July 20, a number of motions have been filed in which Hasting Entertainment is trying to secure a stalking horse bid. After filing for bankruptcy protection just over a month ago, the distressed entertainment retailer looks to…

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People, Etc.

Matt Mullin has joined Ingram's Lightning Source as key accounts sales manager in their New York office. Previously, he was at The Reading Room and before that at Barnes & Noble. Rachel Poloski has joined Random House Children's as editor. Previously she was an associate editor for Disney Publishing's Marvel…

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IPG Buys eBook Distributor INscribe Digital

eBook distribution company INscribe Digital has been sold by parent company Isolation Network to book publishing distributor Independent Publishers Group (IPG), with staff and clients having been informed of the news, as we reported Wednesday afternoon ahead of the official announcement. In the release, IPG ceo Joe Matthews says, "We…

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UK Briefs: Hachette UK to Close Littlehampton Warehouse in 2019; Lost My Name Lays Off 10; and More

Hachette UK will close its Littlehampton Book Services warehouse and offices in 2019 as part of a bigger plan to consolidate and modernize their distribution operations. They will build a new distribution center in Didcot, Oxfordshire, about a mile away from the existing Bookpoint distribution facility, starting in late 2016.…

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German Bookseller Thalia Sold to Herder Family; WME-IMG to Buy UFC

Boston-based private equity company Advent International has finally executed a deal to sell Germany's leading bookselling chain Thalia. The lead buyer is Germany's Herder family, which has been in the publishing business for over 200 years. The Kreke family continues to hold a minority share. (They founded Thalia's parent company Douglas…

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Bookselling: BN Fires "Under 50" IT People, Portland's New Indie, and More

Even as Barnes & Noble continues to promise fixes to their botched website relaunch, the company is laying off what spokesperson Mary Ellen Keating called "less than 50 people" at their Westbury, Long Island IT office. Keating wrote to Newsday, "We have a very large IT department in Westbury that supports…

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Brexit, "Day One"

As you surely know already, the UK's surprise vote in favor of exiting the European Union has left people all over the world trying to figure out the ramifications of a process that could take 2 years or more to actually execute. The most immediate impact is in financial markets,…

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