San Jose’s independent store Willow Glen Books closed in May “because of decreasing sales and [owner Cathy Adkins] having to grapple with health issues,” but Roland Vierra is still working on a second attempt to get financing and start the store up again, in arrangement with owner Cathy Adkins. “Vierra said the owner of the building is willing to be patient while he works to get adequate financial backing to reopen the bookstore.”Business Journal In the UK, agents Sarah Lutyens and Felicity Rubinstein are opening a bookstore in London’s Notting Hill in October. They are recruiting a store manager now. […]
International News
Spain's Three Biggest Publishers Form eBook Distribution Company
Planeta, Random House Mondadori and Santillana–which comprise 70 percent of the Spanish trade book market–have joined forces to set up an ebook distribution company. And apparently the three hope that together they can impose an economic model on the market–intending to sell ebooks at 80 percent of the print list price, paying royalty of 25 percent, and selling to booksellers at a 50 percent discount. But publishers intend to hold these terms only for two years, through 2011. Publishing Perspectives (the recently-launched newsletter from the Frankfurt Book Fair covering one issue of international interest daily, led by Ed Nawotka) reports: […]
More International News: Australian Restrictions Set to Fall; Chinese Kindle Clone; Borders UK to Close 5 Stores; and Three UK Papers Run the Same Story
In Australia, with a report imminent from the Productivity Commission on the country’s copyright laws that protect local book publishing from import editions, consumers are expected to win a bigger victory than initially anticipated. The Sydney Morning Herald “understands one of the proposals will be to free up restrictions on book imports, after a period of up to three years to give the industry time to adjust.” In a draft version of their recommendations in March the commission “said removing all import restrictions would damage the industry” and “advocated limits should apply for a year after a book was first […]
UK Rumor On Bloomsbury Sale
Bloomsbury’s stock “experienced unusually strong volume on Tuesday amid talk that Pearson was considering a bid,” the Times of London claims. Both companies are sitting on cash and have lower share prices: Bloomsbury’s market cap of 95 million pounds is less than one times Potter-free sales and the company had 50 million pounds in cash before announcing their most recent acquisition. Pearson, meanwhile, is said to have 580 million pounds in cash. Their shares showed a little life today after declining for a few months.Times Bloomsbury’s latest targeted purchase is Hodder Education’s higher ed textbooks covering media and communications, history […]
Penguin UK to Cut "About 100" People
One of the few big trade publishers to not cut jobs since the recession hit last fall, Penguin UK is now taking some of the steepest cuts of any UK publisher (both Random UK and HarperCollins UK had significant layoffs earlier this year.) The company said today it “anticipated…the loss of around 100 jobs in the UK” after the the mandated consultation period with employees. Penguin positions the realignments as “a series of changes to its UK business which are designed to strengthen the appeal and relevance of its publishing, reduce costs in all areas of the business, and prepare […]
Bloomsbury's Next Purchase: Academic Publisher Tottel
Bloomsbury’s latest strategic acquisition is professional and academic publisher Tottel, based in the UK and Ireland, to be bought for 9.96 million pounds. They will rename the unit Bloomsbury Professional. In the fiscal year ending in February, Tottel had sales of 6.25 million pounds, operating profit of 0.93 million pounds, and EBITDA of 1.19 million pounds. The company says: “Bloomsbury has identified academic and professional publishing as a growing niche sector. The proposed acquisition of Tottel fulfils a strategic objective of Bloomsbury in pursuing opportunities in this market and follows from the acquisitions of Methuen, Berg Publishers, and The Arden […]