Brazil’s book trade is suffering mightily from bankruptcy reorganization filings over the past month from the country’s two largest bookstore chains, Cultura and Saraiva. The latter reported debt of approximately $168 million, and among their top creditors is Editora Schwarcz / Companhia das Letras — where Penguin Random House recently boosted their stake to a majority share — which is owed close to $5 million. Publisher Luis Schwarcz explained the situation recently in an open “love letter to books” that is being passed around widely. He notes, “I experienced one of the worst moments of my personal and professional life when, […]
