The Association of Booksellers for Children told members via e-mail that at a recent planning retreat the board decided to take “proactive” steps to ensure the organization’s long-term survival that may include “pool[ing] our resources with our sister association, the American Booksellers Association.” The options “include becoming a division of ABA, a department of ABA, or another configuration that we haven’t determined yet. This would have the advantage of giving ABC the resources of a larger organization while expanding the programming available to all ABA members.” ABA board president Gayle Shanks writes that “the ABA Board is excited about exploring […]
Archives for March 2009
Heim to Leave Nelson
EVP and chief publishing officer Tami Heim is leaving Thomas Nelson after four years, as part of an executive organization. Designed to “more tightly align sales, marketing, and publishing, while placing product development directly under [the] oversight” of ceo Michael Hyatt, chief sales officer Mark Schoenwald moves up to president a chief operating officer. Schoenwald’s focus on day-to-day operations will allow Hyatt “to concentrate on the publishing products” and “be more intimately involved with author acquisitions, author relations, and product development.” Hyatt explains further on his blog. Separately, Boston Globe books reporter Dave Mehegan discussed with The Phoenix his decision […]
Albom Nonfiction Set for September
Mitch Albom has delivered the manuscript for HAVE A LITTLE FAITH: A True Story of a Last Request, for publication this September. “It all started with the question: How does a nonreligious person like me do a eulogy?” It is his first work of nonfiction since the 1997 bestseller TUESDAYS WITH MORRIE. The Detroit Free Press reports, “Albom explains there are three central characters: One is an inner-city pastor who was a criminal in Detroit before turning his life around and taking over a church that helps homeless people. The second character is a 90-year-old rabbi from the suburbs of […]
Ratings Cuts for Bertelsmann and Scholastic
Moody’s Investors Service lowered its ratings outlook on Bertelsmann, citing the advertising-market slump, waning consumer spending, weakening sales in the company’s book-publishing and magazine segments and the expectation of “further declines” this year. The ratings service expressed worries about the company’s ability to control debt that could “well come under additional pressure in 2009 given the difficult operating environment,” Nonetheless, Moody’s said Bertelsmann has “adequate” liquidity to meet its near-term needs.WSJ Separately, Standard & Poor’s reduced their rating on Scholastic to “BB-” last week, a day after Moody’s also downgraded the publisher’s debt. S&P credit analyst Tulip Lim said the […]
Amazon Closes Distribution Centers, Cuts 215 Jobs
Amazon will close three distribution centers in Munster, Ind., Red Rock, Nev., and Chambersburg, Pa., the first such moves since 2006. Amazon said the closures “are part of a reorganization of its fulfillment network” — moving capacity to larger warehouses that can “better balance product mix and customer orders.” The 215 workers at the three warehouses slated for closure will receive pay through May 25, receive benefits through May 31, and get a minimum of 3 weeks severance pay, according to Amazon spokesperson Patty Smith, who said “eligible” workers will be offered the chance to transfer to other U.S. distribution centers.TechFlash
BAM Board Buys Up $8M of Stock
Books-A-Million’s board of directors has put into effect a plan to buy up to $5 million in shares of company stock as of April 30, replacing a previous plan where BAM bought $1.8 million of its stock. The company has 15.6 million shares of stock currently worth about $68.1 million.