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 […]
Finance
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 […]
Acquisitions: RBmedia to Acquire Dreamscape Media
RBmedia has an agreement to acquire audiobook publisher Dreamscape Media, which includes Dreamscape Publishing and Dreamscape Select. The transaction is expected to close in the third quarter of 2024. Dreamscape produces and distributes audiobooks in 60 countries, and also provides services to self-published authors looking to create audiobooks. Founded in 2010, Dreamscape has a catalog of over 7,000 audiobooks. The company said previously it had sales of $30 million in 2023, up from $23.5 million in 2022. RBmedia ceo Michael Paull said in a release, “The acquisition of Dreamscape will give RBmedia additional depth in key genres and enable us […]
Booktopia Files for Bankruptcy
Australian retailer Booktopia finally made its long-awaited announcement, that it is filing for voluntary bankruptcy. The stock continues to be suspended from trading on the Australian Stock Exchange, and McGrathNicol Restructuring is “undertaking an urgent assessment of Booktopia’s business while options for its sale and/or recapitalisation are explored,” a release states. The first meeting with creditors will take place before July 15.
DK Acquires “A Kid’s Book About” Series
DK has acquired US-based media company A Kids Co.’s book series A Kid’s Book About. The line of children’s books, focused on diverse storytelling and representation, has been sold direct-to-consumers. DK had previously licensed and sold a portion of the line and now will sell the full list of 170 titles globally. A Kids Co. was founded in 2019 by author and entrepreneur Jelani Memory. The company will “continue to produce new podcasts, operate the direct to consumer business, seek brand partnerships outside of books, and pursue additional multi-media opportunities to tell impactful stories for kids of all ages.” Memory […]