In addition to changing the name of Shortcovers to Kobo, the venture announced that it is separating out of parent company Indigo Books to operate as an independent company. A new round of funding has raised $16 million (Canadian), with $5 million coming from Indigo, now joined by Borders Group, REDgroup Retail (which currently owns the major book chains in Australia and New Zealand), and Instant Fame, a subsidiary of Cheung Kong. Those new funders will also serve as strategic distribution partners for Kobo’s international rollout. Indigo retains a 58 percent stake in Kobo, the Canadian Press reports. Borders is […]
International News
Sales at Waterstone's Are "Weak"
Similar to the performance of the big US booksellers, the UK’s Waterstone’s “performance remains weak” according to parent company HMV, though “the recent administration of Borders UK may benefit the Group in the medium and long term.” Or not, since they admit to “continued market share gains by supermarket and online competitors.” For the first half of the fiscal year, sales of 225 million pounds were down 4.3 percent compared to a year ago, but down 5.1 percent on a same-store basis. And that was with sales growth from “related product ranges, such as gift stationery and technology, including the […]
WSJ Gives UK Indie Publishers Some Love
The WSJ covers the resilience and success of some of the UK’s best independent publishers, giving Jamie Byng’s Canongate in particular the kind of press he gets all the time in the UK. In each case, one big author or book has lifted the entire house. Barack Obama the author has taken Canongate to new heights financially; Atlantic Books’ sales “more than doubled…thanks largely” to The White Tiger; and Steig Larsson has rescued the otherwise-overextended Quercus. Faber and Faber sales director Will Atkinson quips, “There are some big publishers who can’t go to the toilet without looking at BookScan. They […]
Cochrane Moves Up at Doubleday Canada
As Maya Mavjee moves to run the Crown group in the US, Kristin Cochrane will become publisher of the Doubleday Canada group, reporting to ceo Brad Martin, as of January 1. He writes: “Kristin has been with Doubleday Canada for just four years, but in that time, and particularly since assuming the position of Deputy Publisher one year ago, she has been directly and vigorously involved in all aspects of the Doubleday Canada publishing program. Her strategic approach and publishing instincts have had a clear and tangible impact on Doubleday Canada and its success.”
Baker & Taylor Buys Blackwell NA; Sells UK Branch
Baker & Taylor announced yesterday they are buying Blackwell Book Services North America to integrate with YBP and Australia-based James Bennett bookseller (also owned by Blackwell). In turn, they are selling their UK unit Lindsay and Croft to Blackwell UK. Also, “Baker & Taylor’s YBP Library Services and Blackwell U.K. have entered into a strategic sourcing agreement under which YBP Library Services will source all U.K.-published academic material from Blackwell U.K., and Blackwell U.K. will source all U.S.-published academic material from YBP Library Services.”Release
Bookselling: Borders UK In Bankruptcy; Another Gay and Lesbian Store to Close; Update On Elliott Bay
As expected, Borders UK filed for “administration” (the UK equivalent of bankruptcy) last week, with the firm MCR overseeing the process after another company, BDO, pulled out at the last minute citing an unspecified conflict. Stores started offering discounts immediately thereafter to help sell off existing merchandise while employees and publishers wait to see if anyone is interested in buying part or all of the chain. The Bookseller’s anonymous “Borders Insider” wrote of confusion and changing orders at the store level over how deeply to discount. Most UK newspaper accounts expect the chain to be liquidated, with the possibility that […]