UK bookseller Waterstones has retained investment bank NM Rothschild, to look for a new lender or possibly a new owner for the chain. That representation is making news following a report last week in the Evening Standard suggesting that current owner Alexander Mamut is facing financial pressure in the wake of the collapse of Russian bank Otkritie, in which Mamut was a big shareholder. As the bank reorganizes, shareholders are being required to turn over significant assets and — because those owners are said to have used the bank to finance some of their own deals, in some cases Otkritie is taking over […]
Finance
Bookselling: Store News, S&S New Store Offer, Bertram’s for Sale
The manager of the Barnes & Noble in Maui Cindy Mauricio told employees and the media that the store will not be closing at the end of the year after all, based on a conversation with her district manager. A spokesperson for the mall owner did not have any confirmation yet, and the management company says for now that originally it was BN that declined to renew the lease rather than the inverse, as first report. The Bookworm in Carbondale, IL is up for sale as owners Carl Rexroad and Kelly Rexroad prepare to retire after more than 16 years in […]
People, Etc.
Whitney Frick will take over as editorial director of The Dial Press on December 4, reporting to Susan Kamil. She has been executive editor at Flatiron Books. Becca Putman joins the Crown Publishing Group as marketing manager for Crown, Hogarth, Tim Duggan Books, and Broadway Books. Most recently she worked in Grove Atlantic’s marketing department. Steve Fischer will retire as executive director of the New England Independent Booksellers Association when a successor is found. He has been in the position since 2006. President of the board Laura Cummings says, “While we all wholeheartedly wish Steve well in his upcoming retirement, […]
Hearst to Acquire Rodale
Rodale, which put itself up for sale in June, has reached a deal to be acquired by Hearst. They expect the deal to close early next year, following government approval. The WSJ reports that the purchase price is less than $225 million, or approximately one times Rodale’s annual revenue. (Those sales fell considerably over the past decade, and were over $600 million in 2008.) Multiple major book publishers were quick to reaffirm to the WSJ, as you would expect, that they would be interested in bidding for the Rodale Books unit if Hearst does not wish to retain it.
Acquisitions: PRH Buys Sasquatch, Octopus Buys Kyle Cathie
Penguin Random House acquired Seattle-based publisher Sasquatch Books, which it already distributes through Penguin Random House Publisher Services, last month, for undisclosed terms. Sasquatch will continue to be distributed through PRHPS will report to that unit’s president Jeff Abraham. No changes are planned for its location, management, or staff. Abraham says, “When it became known that the company was looking for new ownership to take Sasquatch to the next level, the prospect of PRHPS acquiring the company, while maintaining its independence in Seattle, was enormously appealing to both sides. We’ve accomplished so much with the incredible team at Sasquatch over the last few years. Now, […]
DK Sells Rough Guides Business
Dorling Kindersley has agreed to sell travel publisher Rough Guides to APA Publications, which publishes Insight Guides and Berlitz. Terms were not disclosed. Reported in a statement from Penguin Random House in the UK, the Bookseller reports the company says DK will begin consultation with the 30 staff members who still work on Rough Guides. DK ceo Ian Hudson said the sale was made after a “wide-ranging travel publishing review,” adding that, “we believe that the future success of Rough Guides will be best secured with APA Publications.” Rough Guides was reorganized, and slimmed down, at least twice in recent years, first […]