At a conference last week Hachette Livre CEO Arnaud Nourry told Le Figaro that Hachette Book Group USA ebook sales since January “are in line with the national average,” which the AAP reported as comprising approximately 23.5 percent of the total trade in January. Indeed, HBG is one of the 14 publishers who report ebook sales to the AAP to begin with. Le Figaro Some Borders stores in the midst of closing-out sales have discounted the Kobo Wi-Fi reader to $59.99. CNET Taiwan International Airport will open arguably the first airport e-bookstore, which stocks four hundred titles available in ePub […]
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Bookselling: California Town on Hook for Rent on Closing Borders Store; Foyles Buys Grant & Cutler; And More
As Borders continues its march through Chapter 11 and additional store closings, the city of Pico Rivera, CA faces a nasty surprise: for the next seven years, they must continue paying a minimum of nearly $11,000 a month in rent on an eight-year-old store Borders will shut by the end of April. That’s because Pico Rivera, with a population of approximately 65,000, was thought to be too small to support a Borders store, causing the government to cut a deal with Borders and its landlord, Vestar Development Center, to spend $1.6 million in federal grant money and subsidize the rent […]
‘The Murder Room’ Author Capuzzo and Penguin Sued for Libel
Journalist Michael Capuzzo’s true crime book The Murder Room, about the inner workings of the Vidocq Society and published last August, is now under scrutiny in New Jersey District Court. Joan Crescenz quietly filed a libel lawsuit in January against Capuzzo and his publisher, Penguin imprint Gotham. At issue is the way in which Capuzzo characterized the relationship between one of his main subjects, the forensic sculptor Frank Bender, and Crescenz, his secretary for more than two decades. The book claims the relationship was sexual, and uses her name twelve times in the process of discussing the purported affair. Crescenz, […]
REDGroup Cuts HQ Jobs, May Close More Stores; Borders Lease Rejections; and More
REDGroup Retail has laid off 26 staffers at its Melbourne headquarters as part of its bankruptcy proceedings. Administrators Ferrier Hodgson said in a statement that the company could not rule out additional layoffs and store closings in the coming weeks, on top of the 38 Borders and Angus & Robertson stores already closed and 321 layoffs. Earlier this week Australian bankruptcy court granted Ferrier Hodgson’s request for more time to consider its options and come up with a restructuring plan. The administrators now have until September 18. A court hearing on the same matter is pending in New Zealand, which […]
Borders Gets Extra Time to Renegotiate Leases
In Tuesday morning’s Omnibus hearing, Manhattan bankruptcy court judge Martin Glenn granted the bulk of Borders’ motions, including an extension of the deadline to renegotiate existing leases by an additional 90 days to September 14. The court also gave final approval on the $505 million credit facility pending several changes are made, including a provision giving the unsecured creditors committee $125,000, up from $50,000, to fund investigations of claims of secured lenders. Judge Glenn empathized with part of the creditors’ objection, noting that “when I look at the incremental cost of new money coming in, it’s pretty steep,” but he […]
People: O’Callaghan Resigns as HMH CEO, and More
Houghton Mifflin Harcourt ceo Barry O’Callaghan resigned from the company today, though he will remain as a senior advisor. Current cfo Michael Muldowney will serve as interim ceo until a replacement is found. The news comes just a year after the once heavily-leveraged publisher significantly reduced more than $7 billion of debt taken on to acquire first Houghton Mifflin and then Harcourt’s US business in an effective takeover and restructuring by billionaire John Paulson’s hedge fund. Paulson & Co. bought up portions of the company’s distressed debt in order to control the refinancing and conversion to new equity. Callaghan, the […]