Hachette Book Group ceo David Young wrote to authors and agents with a short update on their April 1 transition to an agency model: “We are pleased to let you know that we have made arrangements with most of our eBook distributors to operate under this model. However, as with any transition, we expect there will be a few hiccups along the way, and you may even see some short-term interruption in the availability of our eBooks, especially in the first few days, as systems are being adapted to accommodate changes. We fully expect any such issues to be resolved […]
Archives for March 2010
Borders Finishes With A More Profitable Quarter, Even As Sales Fall Over 13%
With new financing in place, Borders also reported fourth quarter and full-year earnings. The company made $59.9 million (91 cents a share) from continuing operations in the final quarter, much improved from $28.9 million (48 cents a share) a year ago, though adjusted EBITDA fell from $132.6 million to $91.3 million. Their debt net of cash at the end of the quarter was $245 million, a $37.6 million reduction from a year ago. Comp-store sales were about as horrible as their holiday report indicated, down 14 percent in the Borders superstores, also declining 14.4 percent for the full year. Fourth […]
Borders Lives: Gets $90 Million Term Loan and Extends Smaller $700 Million Credit Facility Into 2014
Borders announced after the close of the market that they have secured a $90 million term loan credit facility from Banc of America Securities as “sole arranger”, most of which matures in March 2014. The company “expects” that lenders will “include an affiliate of Stone Tower Capital, funds managed by Tennenbaum Capital Partners, and Gordon Brothers Merchant Partners.” More importantly, they have extended an “amended and restated” revolving line of credit until March 2014, at a reduced level of $700 million. The existing line of credit would have expired in July 2011.Company release
Ready or Not, Here It Comes
There are a lot of crossed fingers, late hours, furrowed brows and open questions as at least part of the publishing business prepares for an April 1 to April 3 switchover to the agency model for ebooks. (Yes, even the day of change is unclear, since some of the Agency Five–now an accepted term of art–are switching models tomorrow while others are reportedly not doing so until Saturday, April 3.) Among the latest supply chain players to communicate with accounts is Overdrive, which powers a number of ebook retailers. Company ceo Steve Potash tells us they “are adapting as best […]
People, Etc.
Check out former Villard editorial director Bruce Tracy‘s long essay in the NY Post on his transitional year from being laid off by Random House to finding his way to satisfying roster of freelance editing relationships.NYP The shortlist for the UK’s Arthur C Clarke award for best sci-fi novel of the year was announced.Guardian
Bookselling: Store Moves
Durham, NC-area “landmark” for the African-American community, the Know Book Store and Restaurant has closed. Owner Bruce Bridges still hopes to find another space in which to reopen.Durham News Cambridge, MA-children’s bookstore Barefoot Books is moving from Porter Square to a new location in Concord.