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 […]
News
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 […]
Briefs: BN Stock Drops to All-Time Lows; Former Mobster’s Book Events Cancelled; And More
Wall Street’s hate affair with Barnes & Noble‘s stock has continued. Shares fell more than a dollar yesterday, declining more than 9 percent, to finish at what was an all-time low. Until the market opened this morning, with prices down another 4 percent in early trading, standing at about $10.25 a share. (The overall market is down broadly today, with major indices down over 2 percent.) The company’s stock has fallen over 45 percent in less than a month. Two Chicago-area Borders book signings for former mobster Frank Calabrese Jr.‘s book Operation Family Secrets: How a Mobster’s Son and the […]
A Redesigned Boston Globe Books Section, and More People News
The Boston Globe’s redesigned books section will make its debut on Sunday, March 20, with several additions and changes to its columns, editor Nicole Lamy tells us. Amanda Heller and Barbara Fisher will no longer co-write the “Short Takes” capsule review column; Heller’s last piece appeared on March 6 and Fisher’s on March 13. Replacing them is Kate Tuttle, a freelancer who has contributed to The Washington Post, The Boston Phoenix, Babble and Salon. The Shelf Life column, previously written by Katherine Powers, is now called Word on the Street with a new writer in place. Two new columns – […]
Briefs: ‘Heaven Is For Real’ A Sleeper Hit; Whitcoulls For Sale; Continuing Fenn Fallout; And More
Heaven Is For Real, recounting evangelical pastor Todd Burpo‘s the-four year old son Colton’s otherworldly experience while undergoing surgery for a burst appendix, has proven to be a sleeper paperback hit for Thomas Nelson. The publisher tells the NYT the book (co-written with Sarah Palin ghostwriter Lynn Vincent) had “broken company sales records”, going back to press 22 times on an initial print run of 40,000 copies since the book’s November release. There are now more than 1.5 million copies in print (and “hundreds of thousands of copies” sold) with strong sales in both Barnes & Noble and Christian specialty markets. […]