With no buyer to be found, German bookseller Weltbild will close its 14 remaining stores by the end of August and liquidate. Most of the approximately 440 employees will lose their jobs. But Augsburger Allgemeine reports that the country’s leading bookseller Thalia is interested in acquiring assets from the bankruptcy estate — including inventory, trademark rights and the Tolino ereader and ebook business. Thalia has submitted an application to the Federal Cartel Office regarding its purchase interest.
Finance
Australia’s Booktopia Sold to DigiDirect
Online electronics retailer digiDirect has bought Booktopia, after it was pushed into bankruptcy in June by its credit card processor, owing creditors about $60 million (AU). The acquisition, for an undisclosed amount of money, includes all the business’s assets. DigiDirect is owned by Shant Kradjian, who will serve as ceo. Kradjian says he is adding 100 jobs back to the company and encouraging laid off employees to return (the company laid off about 90 workers over the past 18 months). The previous senior management and board of directors will not be a part of the company going forward. Kradjian was […]
Editis in Talks to Acquire Delcourt
Editis has entered exclusive negotiations to acquire French comics publisher Groupe Delcourt. The deal would give strengthen Editis’ offerings in the comics and manga business, while Delcourt would benefit from the support of a major publishing group. Delcourt president Guy Delcourt would “remain at the head of the house he founded nearly 40 years ago, and whose identity and operational autonomy would be preserved,” a release states. Delcourt said, “The Delcourt Group is opening a new page in its history by entering into exclusive negotiations with the Editis Group. This new home port would be both reassuring in its scope and […]
Booktopia Owes Creditors $60 Million; Was Pushed Into Bankruptcy By Credit Card Processor
Booktopia’s bankruptcy administrator told the Australian Broadcasting Corporation that the retailer owes creditors approximately $60 million (AU). McGrathNicol’s Keith Crawford said, “The vast majority of that debt is actually trade creditor debt, principally the suppliers of books,” who are unsecured creditors. The company has about 150,000 orders worth approximately $12 million that have not been fulfilled, many of those for pre-orders. And customers are holding $3 million in gift cards. The story reveals that the re-financing Booktopia had announced in June was derailed by their credit card processor. Booktopia executive chairman Peter George reports that, “Booktopia’s plans were hijacked in […]
Reisman Says Stepping Back from Indigo CEO Role Was a “Two-Year Misstep”
After a rough pandemic, a cyber attack that shut down digital and in-store operations in 2023, and turnover in its executive ranks, Indigo CEO Heather Reisman noted in a podcast taping that the company has had a “tough four years,” the Canadian Press reports. Reisman stepped back from the company’s CEO role in 2022 and retired last year, a “wrong decision” that she said cost the company $120 million (CA). She said that the pandemic cost Indigo $160 million (CA) in cash, and the combined hit took a toll on the chain. “That’s a lot of money for any retail […]
Penguin Random House to Acquire Boom! Studios
Comic book and graphic novel publisher Boom! Studios has an agreement to be acquired by Penguin Random House. Under the deal, expected to close this summer, Boom! Studios will join the Random House Worlds portfolio of imprints. PRH says Boom! “will retain their editorial and publishing independence,” reporting to Scott Shannon, who oversaw the deal for PRH. Keith Clayton, vp publisher, Random House Worlds, and Bill Takes, evp of business strategy, Random House Publishing Group, “will work alongside Shannon and the Boom! Studios team to help manage and integrate the new imprint.” Boom! titles will continue to be distributed by Simon […]