Books-A-Million reported sales for the nine-week period ending January 3 of $127.5 million, down 2.5 percent from a year ago, and a decline of 5.6 percent on a comparable-store basis. Which actually makes them the top performer among the three biggest book chains. CEO Sandra Cochran says, “Given the challenging retail environment, we were pleased that we could record an improvement in the sales trend we saw during the third quarter. Holiday sales came later than ever this year, reflecting a cautious and price-sensitive consumer. The success of Stephanie Meyer’s Twilight series was the big story in books this season. […]
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BN.com Gets a President, and More People News
BarnesandNoble.com, which has been operating without a chief executive since Marie Toulantis left the position of ceo in August, is getting a new leader. Still with the lesser title of president, William J. Lynch, Jr. will take over on February 2. He was evp of marketing and general manager of HSN.com, and from 2004 to 2008, he was ceo and co-founder of gifts.com. Barnes & Noble ceo Steve Riggio says, “He has experience in product development, brand marketing, relationship marketing and direct marketing; he has managed both a technology start-up company and run large e-commerce organizations.” Sales fell 11 percent […]
Barnes & Noble Holiday Comps Down Only 7.7 Percent
Sales for the nine-week holiday period ending January 3 declined 7.7 percent on a same-store basis at Barnes & Noble, and fell 5.2 percent overall compared to a year ago. With store sales of $1.1 billion, BN says they “experienced diminished traffic, and as a result, diminished sales, due to the unprecedented fall-off of retail shopping during the last quarter of the year.” Like Borders, they say holiday sales improved towards the end: “After a slow start to the holiday season, our store performance improved and we were able to post comparable store sales increases during the last two weeks […]
People and Company News
Nicholas Brealey Publishing has bought Davies-Black Publishing, a line of books about business and career management, from CPP, Inc (formerly Consulting Psychologists Press). The Davies-Black list of approximately 115 books will continue to be distributed by NBN, which also distributes Nicholas Brealey in the US and Canada. Ingram Digital ceo James Gray is moving over to chief strategy officer for all of Ingram’s content groups, as svp Mike Lovett moves up to CEO of Ingram Digital. At Gotham, Patrick Mulligan has been promoted to senior editor. He has been at the imprint for almost six years. Melissa Possick has joined […]
How News Gets Out of Hand
A number of outlets have misconstrued reports of small press York House negotiating for the rights to issue Herman Rosenblat’s story as a work of fiction–including a brief in today’s NYT, even though the online version of the story links directly to a York House press release. To be clear, the press is negotiating for rights to “a work of fiction…based on the screenplay, tentatively called, Flower at The Fence, about Herman Rosenblat’s life and love story.” Movie producer Harris Solomon (and his attorney), who controls film rights to the book, is the one negotiating the license. There is no […]
Houghton Mifflin Harcourt Disputes Credit Rating Downgrade
Moody’s downgraded Houghton Mifflin Harcourt’s substantial debt in late December, concluding that “shortfalls in HMH’s business plan” and cutbacks in US education budgets would keep the company from bringing its debt down to their target of 9 times ebitda. The agency “estimated that HMH’s debt stood at 10.5 times ebitda at the end of September, and warned of liquidity pressures and ‘a likely default’ under its senior secured loan covenants unless these were amended,” the FT reports. Additionally, HMH’s parent company Education Media & Publishing “was named as one of the European companies at highest risk of default by Standard […]