Announcing third quarter results, Books-a-Million said that sales of $111 million were down 5.7 percent overall, and down 9.9 percent on a same-store sales basis. Their net loss was $2.2 million, compared to a loss of $555,000 a year ago. CEO Sandra Cochran says: “We faced dramatic macroeconomic headwinds, and as a result we experienced our weakest comparable store sales in many years. The negative trends were broadly felt across most categories although bargain books, gifts and teen provided positive results. Our entire team remains focused on adjusting to this difficult environment by controlling costs, managing inventory and preparing for […]
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Woolworths on the Edge
In the UK, Woolworth’s–which has been headed for bankruptcy over the past two months–is now perched right on the edge. “Unless a deal is agreed in the next few days the entire Woolworths group looks poised to collapse into administration – putting 30,000 jobs at risk,” the Sunday Times writes. They add, “City sources say that Woolworths is fast running out of cash amid torrid trading conditions on the high street. It is thought that the company only has sufficient funds to last until about the middle of next month.” The banks hold the controlling cards in negotiations, according to […]
RH Announces More Digitization
Random House’s US division announced its “intention to make an additional 6,000-plus of its backlist titles available as e-books in the coming months,” adding to the current list of 8,200 electronic titles. They are also further embracing the epub standard, “for the first time…offering its entire current electronic catalogue, as well as future titles” in that format. CEO Markus Dohle says “more people everyday are enjoying reading in the electronic format and Random House wants to extend our reach to them with more of our books.” Random House tells the AP their tiny e-book sales have tripled this year.
People
Books-a-Million chief financial officer Douglas Markham, who is a Commander with the United States Navy Reserve, has been recalled to active duty. Controller Brian White will serve as interim cfo during the seven months that Markham is on active duty. In the UK, John Parker is leaving MBA Literary Agents after 30 years to form his own agency along with John Berlyne. Langenscheidt has named Nel Yomtov as executive editor of Hammond, overseing editorial direction of the line, and reporting to Langenscheidt’s chief sales and marketing officer Michele Martin. He will also lead the product and concept development of new […]
Random Freezes Pensions
We were just forwarded an internal announcement that Random House is freezing all pensions at their current levels and will not give pensions to new employees hired as of January 1, and now the news is the subject of an AP story as well. The article notes that “the company will continue to offer matching funds, up to 6 percent, for 401k plans.”AP In another Random House bulletin, their Canadian division has declined to exhibit at the next Book Expo Canada. President and CEO Brad Martin said in an e-mail they “feel the show is no longer effective in helping […]
Lannan Honorees; New Grand Masters
The Lannan Foundation announced its 2008 literary awards and fellowships: Literary AwardAugust Kleinzahler, Poetry Two-Year Literary FellowshipsCharles D’Ambrosio, FictionKatie Ford, PoetryIlya Kaminsky, PoetryGlenn Patterson, Fiction Notable Book AwardsBlack Mass, by John GrayLiving with Darwin, by Philip KitcherDemocracy Incorporated, by Sheldon S. Wolin Site Separately, James Lee Burke and Sue Grafton were both named Grand Masters of the genre by the Mystery Writers of America.