Barnes & Noble reported fourth quarter and full year earnings Tuesday morning, and the results show even more clearly the divide between the company’s burgeoning digital growth and its still-declining brick & mortar business. For the year, sales rose 20 percent to just under $7 billion, a company record. The marked increase in sales owed to a huge jump at BN.com (with sales up 65 percent to $858 million) and the inclusion of a full year of sales from BN College, which reported full-year sales of $1.8 billion. Superstore comps were up 0.7 percent for the year because of digital, […]
Archives for June 2011
Borders Loses Another $35 Million in May As Sales Talks Intensify
The intensified need for a sale and last-minute maneuvering to get its debtor-in-possession loan extended make all the more sense in light of Borders’ earnings report for the first 28 days of May. The company lost another $35.4 million during that period, of which a little more than half – $18.1 million – came from continuing store operations, with the rest owing to reorganization fees. That means Borders has now lost more than $191 million since filing for Chapter 11 in February. Total revenue for the month was $97 million. But you’d never know if you were reading ceo Mike […]
People: Coffee House Publisher Kornblum To Retire
Coffee House Press founder and publisher Allan Kornblum will retire from the company, with associate publisher Chris Fischbach to succeed him as publisher. Kornblum, who founded the press in 1973, told the Twin Cities Daily Planet he’ll concentrate on more systems cleanup and on fundraising projects, and he has begun to write his own memoir. Twin Cities Daily Planet Workman has announced a series of promotions and new hires. Raquel Jaramillo has been promoted to both editorial director and creative director of children’s publishing, reporting to Suzie Bolotin, and she will also serve as acting creative director for the overall […]
Announcements: New Funding for Osprey, John Locke’s a Kindle Millionaire
Osprey Group announced it has received new funding from London private equity firm Alcuin Capital Partners, providing additional expansion capital to continue Osprey’s strong growth in niche and enthusiast market segments. With the investment, Alcuin acquires a controlling interest in Osprey but the company’s existing majority shareholder Botts Capital Nominees will remain a significant minority shareholder going forward. Self-published thriller phenomenon John Locke is the latest (and eighth) author to sell more than a million Kindle ebooks. Release The British Library has signed a multi-year deal that will allow Google to scan more than 250,000 out-of-copyright works from 1700 to […]
Bookselling: WHSmith Travel Success; Thalia To Open Airport Shops; and More
One apparent bright spot in the UK bookselling landscape is WHSmith Travel, profiled in Publishing Perspectives as “long the jewel in the famous company’s portfolio.” UK publishers point to the experience of the buying team, which cites Christos Tsiolkas’ THE SLAP and Richard Templar’s THE RULES OF LIFE as titles they have done well with, as well as the division’s international expansion: they currently operate 26 units, with another 2 to open, as well as having acquired 12 more locations in India and Kuwait. Germany’s largest bookseller Thalia, working in conjunction with Sweden’s Pocket Shop AB, will add between 15-30 […]
Borders Reaches Deal With GE Capital, Will Name First Bidder By July 1
In court papers filed late Friday, Borders said it has reached an agreement with GE Capital on a new amendment to its debtor-in-possession loan that will allow more than 40 stores whose landlords had not granted more time for the company to accept or reject leases to remain open. Borders said the agreement “enable [them] to commence and consummate a coordinated dual-track sale process for the sale of their businesses by the end of July.” In addition, Borders said it’s expected to name a stalking horse bidder on or before July 1, and has scheduled an auction on July 19, […]