BNED has completed their refinancing deal and announced that they will execute the planned 1-for-100 reverse stock split at the end of the day Tuesday, June 11. The move will give the company roughly 26.2 million shares outstanding, and will lift the stock price to an acceptable level to prevent delisting from the New York Stock Exchange. (As of Tuesday morning the stock trades for around 10 cents a share. That would equate to $10 a share after the reverse split.) Immersion Corporation, their new primary shareholder, should have something on the order of a 42 percent stake in the […]
Archives for June 2024
New Books Publishing June 11
This week’s fiction releases include new titles by Nicola Yoon, Robin Sloan, and Elin Hilderbrand, while Griffin Dunne and Ryan Holiday publish nonfiction works. 24 works of fiction https://bookshop.org/lists/new-fiction-publishing-june-11 12 works of nonfiction https://bookshop.org/lists/new-nonfiction-publishing-june-11 We consult a number of sources in compiling our weekly lists and PM members can see our lists for the coming months on Bookshop. Check out June‘s 68 fiction releases, 28 works of nonfiction, and 44 children’s titles; and July‘s 142 fiction releases, 39 works of nonfiction, and 20 children’s titles; and August‘s 105 fiction releases, 18 works of nonfiction, and […]
PRH To Expand Its Indiana Distribution Center
Penguin Random House announced that it will expand its distribution and fulfillment center in Crawfordsville, Indiana by 650,000 square feet. The expansion will be supported by $5.6 million in tax incentives, which were approved by the City Council of Crawfordsville in a series of votes that were concluded on June 10. The facility handles books for Penguin Young Readers, Random House Children’s, DK Publishing, and many distribution clients. PRH says the additional capacity will allow the location “to double its annual shipments of physical print books.” Nihar Malaviya says in a release, “We are deeply grateful to Mayor Barton, the […]
Oprah’s Book Club
People 6/10
Jon Michael Darga has been promoted to senior agent at Aevitas Creative Management.
Book Sales Were Strong In May
Despite prominent staff cutbacks, by the numbers print book sales were strong throughout May. Circana Bookscan notes that weekly sales were ahead of 2023 in all four weeks of May (and have been ahead of last year in 8 of the last 11 weeks). Still driven by adult fiction, overall print sales were up by almost 3 million units during the month. Bookscan analyst Brenna Connor notes, “If the strong performance continues, we’ll see sales flat over last year and a possible gain over the summer months.” That strong performance puts 2024 so far nearly even with 2023, running just […]