WH Smith provided an early update on its half-year results, alongside a warning about the potential impact of Covid-19 on earnings. For the first half of the fiscal year through the end of February, overall sales rose 7 percent, though High Street bookstore sales fell 5 percent, and were down 4 percent on a same-store basis. Profit for that period “will be in line with market expectations,” says the release. The group says the virus crisis has not yet significantly impacted High Street sales; however, “it recognises that Covid-19 could result in reduced high street footfall.” But their travel store […]
Archives for March 2020
People, Etc.
Tim Holman will step down as the publisher of Orbit UK to focus on his role as svp and publisher of Orbit in the US, though he will continue to work from London. HBG ceo Michael Pietsch says, “I’m extremely happy that he has decided to devote 100% of his time and talent to even greater growth and creative publishing in the US market. Anna Jackson will move up to publisher of Orbit UK in April, reporting to Charlie King. Paola Crespo has been promoted to marketing manager at Orbit. At St. Martin’s publishing group: Rebecca Lang has been promoted to […]
The Misfits Sues Abrams for Infringement in Photobook
Punk band The Misfits has sued Abrams Books for copyright infringement, claiming that the illustrated book Scream with Me, published in December, is “rife with large-scale, repeated, and unlicensed reproductions of Misfits A.D. intellectual property.” (Frontmen Glenn Danzig and Jerry Only created the Misfits A.D. company when they toured together in 2016.) The book’s cover features what the suit calls the Misfits’ “Fiend Skull design” trademark and, in doing so, “misleads consumers into believing that the photobook has been approved by, or is associated with, Misfits A.D., which is indisputably false.” In addition to an injunction on Abrams’ alleged infringement, […]
Penguin Random House Gives New York City Employees An Option to Work from Home; S&S “Making Contingency Plans”
Penguin Random House US ceo Madeline McIntosh updated staff on Wednesday morning with new guidance for employees as the COVID-19 virus spreads in the area. “Given the quickly-moving developments in the New York City region, I know that many people may no longer feel comfortable commuting or working in our New York City offices. Therefore, if any of you working at 1745 or 1450 Broadway can work from home, we encourage you to speak with your supervisor to make plans to do so.” Those offices “remain open and operational” and they will continue “the enhanced cleaning protocols we’ve been using […]
Corona Updates: More Publishers Withdraw From Bologna, Poets & Writers Gala Cancelled, LAT Festival Postponed, More Cancellations and Contingencies
Event cancellations due to COVID-19 continue apace. The big publishers are not going to send employees to the rescheduled Bologna Book Fair: HBG, Hachette UK and Hachette Livre, have withdrawn,”in light of the unprecedented action the Italian government is taking to contain the spread of the coronavirus and our ongoing concern for the safety of our colleagues, authors and partners.” Bonnier UK also said it will skip the event. Poets & Writers has cancelled its 50th anniversary gala, scheduled for March 16. “We’re sorely disappointed, but made this decision out of a concern for the health and safety of our staff […]
Activist Shareholder Concerned LSC Management Wants to “Accelerate A Bankruptcy Filing”
As we reported earlier, LSC recently told shareholders it is in “limited default” on its loans and absent a restructuring of that debt or injection of capital they may not “continue as a going concern,” which means they could be facing bankruptcy. On Tuesday activist shareholder Sententia Capital, which nominated its own slate of directors for the board in February, took a more aggressive stance. In a new letter, they accused the current LSC board of “frustrating the will of stockholders” and expressed concern “that the board and management’s next step at the expense of stockholders will be to accelerate […]