On Indigo’s investor call, cfo Hugues Simard clarified that they had a total of 16 superstores under renovation in the just-reported quarter. Two renovations were completed in that period, and another 12 will be finished “between now and November.” Additionally, the timeline on their first US store in Short Hills, NJ has slid just a little. Previously pointed towards opening in “late August, early September,” now, “It’ll be most probably a late-September opening.” As Ann Arbor bookseller Aunt Agatha’s, prepares to close on August 31 after 26 years of operation, owners Robin and Jamie Agnew “weren’t expecting [the] outpouring of support […]
Archives for August 2018
Turton Tops September Library Reads; BN Picks Green’s Debut
The 7 1/2 Deaths of Evelyn Hardcastle by Stuart Turton is the top pick for September’s Library Reads list. You can read a free excerpt now in our Buzz Books 2018 Fall/Winter sampler, along with three other Library Reads picks for the month: T.M. Logan’s Lies, Rebecca Serle’s The Dinner List, and Sarah Bird’s Daughter of a Daughter of a Queen. The rest of the list comprises: Josh and Hazel’s Guide to Not Dating, by Christina Lauren Night and Silence, by Seanan McGuire Lake Success, by Gary Shteyngart Transcription, by Kate Atkinson When the Lights Go Out, by Mary Kubica Hitting the Books, by […]
Briefs: UTA Sells Stake; Clinton and Patterson Sales Milestone; NEH Book Grants
In the capital-raising arms race among the big Hollywood talent agencies — which have grown into entertainment conglomerates themselves — United Talent Agency sold a minority stake to Investcorp and PSP Investments. Deadline and Variety say they sold approximately 40 percent of the agency, for an estimated $200 million. (When the search for investors was initiated earlier this year, Deadline said UTA has revenues of over $325 million a year, with profit of $50 million.) Some proceeds will be spread among employees throughout the agency, while a portion will go to “accelerate” their growth and “enhance UTA’s services.” The agency has more than […]
Indigo’s Sales and Profits Fall on Store Renovations and Investments, As Merch Sales Keep Growing
Canadian retailer Indigo reported sales for their fiscal first quarter, ending June 30, with sales of $205.4 million (CA), down $1 million and below expectations of a modest gain, as the company swung to an adjusted EBITDA loss of $13.3 million, and a pre-tax loss of $20.7 million (versus a loss of $7 million a year ago). EBITDA suffered due to “higher discounting, higher costs at the expanded distribution facilities, the increase in minimum wage in Ontario, and other investments in transformational initiatives.” Superstore sales comps were barely positive, up 0.2 percent, as were small-format store comps, up 0.76 percent. […]
People, Etc.
Tom Miller has joined Liza Dawson Associates as senior agent. He spent the last three years at Carol Mann Agency. Maggie Haas has joined Chronicle Books as website and ecommerce coordinator. Previously she helped manage the SFMOMA online store. Tyrus Books founder and former publisher Ben LeRoy will serve as executive director of the Independent Publishers Caucus (IPC) on a part-time basis. IPC aims to “foster a true and mutually beneficial sense of community among independent publishers, between publishers and booksellers, and with readers.” They note that steering committee (comprising Ibrahim Ahmad at Akashic, Terrie Akers at Other Press, Jon […]
RWA Changes RITA Judging Policy to Address Bias
The Romance Writers of America (RWA) revised its procedures for evaluating bias in judging for the RITA awards, adopted at their July board meeting and effective in 2019. The changes are in response to charges of prejudice, especially complaints that diverse and queer books have been given low scores or erroneously rated “not a romance.” RWA said in a release, “the Board passed a new policy that we hope will allow patterns of biased judging to be identified and for actions to be taken against those judges if deemed necessary.” One new measure allows authors who are concerned about “invidious discrimination against […]