Greenville, SC’s The Open Book intends to close shortly after almost 40 years in business, with a closing sale starting this week. Owner Duff Bruce says, “It is emotional, I am emotional about the business, I am emotional about the customers, but you have to be a realist.”Local coverage Ohio’s The Mystery Company will also close shortly, after seven years in business. Jim Huang says in a blog post “business here has been rough for a while, especially since gas prices spiked in the summer of 2008.” Plus: “Independent booksellers need to find ways to participate in print on demand, […]
Archives for January 2010
Today's Amazon Press Release: Exclusive Kindle Book by Paulson Speechwriter
Speechwriter for Henry Paulson when he was secretary of Treasury Stacy Carlson has written a book, YOU, ME, & THE US ECONOMY, that is being published as an ebook only through Rosetta Books, exclusive to Kindle for a year. “A plainspoken look inside the Treasury Department” that “explains the events and issues through a personal narrative,” with a foreword by Paulson.Release Their second release of the day notes that Amazon Encore will publish four entrants from last year’s version of their Breakthrough novel contest–which has yet to create a discernible breakthrough.Release
Now A Way to Vook Yourself
Vook officially announced a new tool that founder Brad Inman has been discussing in other venues, the unfortunately-named MotherVook–intended to help publishers create Vook-style enhanced ebooks at scale. They say the platform includes: database management the multimedia elements in an enhanced ebook (text, pricing, video, links and more); production of single XML doc that feeds across different devices and formats; streamlined text (epub) or word importing; instant preview; and simple insert of assets to edit, preview and create. The company has partnered with TurnHere–Vook founder Brad Inman’s previous start-up–to help provide video for those new enhanced ebooks.
A Year Later, Borders CEO Marshall Leaves for A Better Job
When we reported Borders ever “disappointing” holiday sales earlier this month, we noted that the last time the chain did that poorly they changed chief executives–and lo and behold, after just a year in office, ceo Ron Marshall is departing, to take the ceo job at another unnamed publicly-held retailer. The company is initiating a search through Korn/Ferry, so clearly Marshall surprised the company by heading for the door. Chief merchandising officer Mike Edwards takes the interim ceo post, having worked at Borders since last September.Release
Indigo Grows Sales and Profits
In the one positive earnings report from the holiday period for an English-language bookselling chain, Canada’s dominant Indigo said that the same-store superstore sales rose 3.4 percent for the quarter ending December 26, while their smaller format stores were down 1.6 percent. Overall sales rose $10.2 million or 3 percent to $340.2 million (CA). Net after-tax earnings of $34.5 million were 29 percent higher than a year ago. But Indigo still suffers from competition with Amazon online, with online sales declining 2.7 percent to $29.3 million.Release
Turnaround Starts at McGraw-Hill
McGraw-Hill announced fourth quarter earnings per share of 53 cents, a 43 percent increase over last year, and a few cents ahead of analysts’ expectations. Overall sales were $1.5 billion, with net income of $167 million–the first increases in sales and earnings since the third quarter of 2007. Chairman Harold McGraw III cited an “upswing in higher education, professional and international markets” as contributing factors. Education sales of $520 million were up 2.6 percent, with operating profit of $33.5 million, compared to a loss of $12.7 million a year ago. (For the year, education sales were still down 9.5 percent, […]