Donald Trump remains remarkably effective at boosting the sales of books he tries to block. As of June 30 Simon & Schuster told the court they had printed and started shipping approximately 75,000 copies of Mary Trump‘s TOO MUCH AND NEVER ENOUGH — and yesterday in a new afffadavit the publisher said they have printed and shipped over 600,000 hardcovers. Bookselling During lockdown Barnes & Noble refreshed about 350 of its stores, but as the NYT reports, the adjustments were relatively minor, “using small teams to move furniture around, paint walls and bring in new books.” Ceo James Daunt reports […]
Finance
CJK Buys Quad’s Versailles Facility
After a long eight months of trying to sell their money-losing book printing business, Quad has finally sold just one of their plants to one of the most logical buyers. The assets of their 1 million square foot book printing facility in Versailles, KY have been sold to CJK Group, which will operate the plant in their Sheridan group, as Sheridan Kentucky. As they note, “The facility serves many high profile publishing houses in the areas of educational textbooks, trade books, children’s books, and scientific/technical books.” CJK has built itself through a string of acquisitions, most recently acquiring Thomson Shore […]
Barnes & Noble Education Investor Nominates New Directors, While Hoping for An Outright Sale
Outerbridge Capital Management, with a 13.5 percent stake in Barnes & Noble Education that’s deeply underwater, said in an SEC filing it would nominate four alternate directors to the board of the company “to unlock its immense potential.” Outerbridge paid approximately $22.2 million to acquire their shares, now worth less than half that. They say their nominees “have deep operational, financial, and strategic experience within the education, technology and investment industries” and also “possess experience steering companies through periods of rapid growth, reinvention, and times of crisis.” But the filing may really be designed to advertise their belief in the […]
UK Wholesaler Bertram’s Is In Bankruptcy Liquidation
As long expected and feared, UK wholesaler Bertram’s has gone into bankruptcy administration and is well down the road of liquidating. The “majority” of its 459 employees have been fired effectively immediately “with a small number retained to manage the winding down of operations.” Some sales of the parts are in already in process, including dumping of any of the remaining inventory that they can, further hurting publishers who are owed money: “Sales have been agreed in principle with two unconnected parties for the tangible assets and unencumbered stock of Bertram Trading Limited and for the intangible assets of Education […]
Activist Investor Cevian Capital Discloses Stake in Pearson
Pearson’s stock jumped 12 percent Friday on the news that Cevian Capital, one of Europe’s largest activist investors, had built a 5.4 percent stake in the company. The news was made public via a regulatory filing from the Swedish fund late yesterday. The fund bought the stake to influence Pearson’s choice of a new chief executive, according to Bloomberg. Chief executive John Fallon announced at the end of 2019 that he would retire this year after presiding over Pearson’s long, steady decline. The FT notes, “Although Cevian usually takes a board seat at companies it invests in, the approach with […]
Briefs
Legal Agents Beth Phelan and Kelly Van Sant and author Isabel Sterling received cease & desist letters from an attorney representing agent Dawn Frederick at Red Sofa Literary after speaking out about Frederick’s response to protestors in St. Paul. On May 28, Frederick posted on Twitter that she had called the police about an incident near her home (the tweet has since been deleted). Subsequently, three agents, including Van Sant resigned from Red Sofa. Phelan, Van Sant, and Sterling wrote in an open letter that Frederick “demanded that we delete our respective posts regarding Dawn’s actions and further, publish retractions […]