Associate publisher of Skira Rizzoli Publications Karen Hansgen died on Sunday, January 10. Her family has just announced a memorial service for her tomorrow, on Friday, January 15 at 2:00 PM at: Brooklyn Friends Meeting House110 Schermerhorn StreetBrooklyn, New York 11201(718) 788-5990
Archives for January 2010
People, and A New Funke
Laney Katz Becker has joined the Markson Thoma Literary Agency as an agent. She was previously at Folio Literary Management. Former publisher of Harcourt Children’s Lori Benton has joined educational children’s publisher Capstone as general manager/publisher of their fiction imprints, which include Stone Arch Books and Picture Window Books.Cornelia Funke‘s next book RECKLESS (and the first in a new series) will have an international laydown on September 14. Little, Brown Children’s says they will print a million copies for the US market, joined on publication date with releases from Chicken House in the UK and Dressler in Germany. The book […]
At EMPG, Master Trader Paulson Prepares to Take Control, with Plan to Recapitalize Houghton After Existing Investors Are Gone
As more details come to light on the pending restructuring of Houghton Mifflin Harcourt parent Education Media and Publishing Group (EMPG), the storyline moves from Barry O’Callaghan’s financial folly to hedge fund operator John Paulson’s perverse market triumph. (Paulson is the guy who made billions by betting the right way on the collapse of the sub-prime mortgage market, a tale told in Gregory Zuckerman’s THE GREATEST TRADE EVER and also examined in this week’s Malcolm Gladwell piece on entrepreneurs and risk-taking in the New Yorker.) Here is the picture that has emerged since yesterday’s Lunch report. EMPG confirmed that they […]
Bookselling: Marcus Books In Trouble; Touting New Releases
Oakland’s Marcus Books, “the nation’s oldest African American bookstore” is “in deep financial trouble” and faces foreclosure. The Oakland-area NBC station reports that manager (and daughter of the founders) Blanche Richardson blames “a Ponzi scheme and a subprime loan” for the store’s troubles. They “need to raise tens of thousands of dollars to keep the store afloat,” and have started a legal defense fund.NBC site In USA Today, booksellers Elaine Petrocelli of Book Passage, Audrey Bullar of Joseph-Beth Booksellers, Patricia Bostelman at Barnes & Noble, Daphne Durham at Amazon, and Larry Norton at Borders tip these new and forthcoming releases: […]
Waterstone's Holiday Comps Down 9%; MD Johnson Is Replaced
Waterstone’s parent company HMV issued a brief trading update, reporting that in the ten-week holiday sales period ending January 2, same-store sales at the bookstore chain declined 8.9 percent. Managing director Gerry Johnson has been dismissed, and HMV group development director Dominic Myers has taken over management of Waterstone’s “with immediate effect.” (BTW, total e-book downloads for the period were 80,000 units.) HMV head Simon Fox says, “Whilst the recent performance of Waterstone’s has been unsatisfactory, it remains an excellent business and brand, with a great opportunity as the only remaining specialist bookseller on the High Street.” Fox indicates to […]
EMPG Confirms Negotiations, Says Lender/Owners to Provide New Working Capital
Further to this morning’s story on a restructuring of Houghton Mifflin Harcourt parent company EMPG which is considered likely to wipe out existing equity holders, the company issued this statement: “We are in advanced discussions regarding a comprehensive, consensual balance sheet restructuring. A substantial majority of the company’s most significant lenders have already agreed to the framework for this restructuring plan, which will put the company on a stronger financial footing for the future. “Moreover, certain of our lenders have committed to make substantial new investments in the company in connection with this restructuring. Significantly, the plan will enhance liquidity […]