In addition to the bankruptcy’s effect on book sales and publishers’ respective bottom lines, Borders’ Chapter 11 filing will have a domino effect on a number of related players, among them: LandlordsPublicly-traded Michigan-based Agree Realty was often cited as being in the most precarious position, because Borders stores made up approximately 20% of their total real estate portfolio (and was as high as 27%). Yesterday Agree released a statement indicating that 5 of the 14 Borders properties it owns (which includes company headquarters in Ann Arbor, up for sale, and two buildings not currently occupied by Borders) are slated for […]
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Hachette Book Group has reorganized its Online Marketing efforts. Effective today, Kelly Leonard will be VP, Executive Director, Web Strategies, responsible for responsible for the strategy and ongoing development of all HBG corporate and product websites. Associate Director Online Marketing Brad Parsons and Online Marketing Coordinator Brianne Beers move to Grand Central and report to Jennifer Romanello. Anna Balasi joins Little, Brown as Online Marketing Associate, while Sarah Reck will continue to work as a Web Publicist on Center Street titles, but will now report to Harry Helm. Sally Kim will join Touchstone as editorial director, reporting to publisher Stacy […]
Briefs: Quarto Annual Sales Rise; Hay House to Make Their Own Vooks; Planeta Acquires Bertrand; Gardners To Sell Direct to Consumers; and More
Quarto reported an 8 percent rise in adjusted pre-tax profit for the year to December to £7.4m from £6.9m, and a 7 percent jump in revenue to £113.8m from £106.6m. Its publishing division revenue increased 7 percent to £75.1m. Quarto cited “continued focus on developing markets, in particular Brazil and China, and improved trading in the UK and Australasia” for the revenue and profit gains. Release Hay House has become the first publisher to sign on to use Vook’s engine for creating enhanced ebooks at scale (called MotherVook). The product “converts disparate and varied file formats; combines text, video and […]
HB Fenn Bankruptcy Filing Lists $25M in Liabilities; Macmillan To Ship Direct As of April 1
Canadian distributor HB Fenn confirmed its February 3 bankruptcy announcement in a statement of affairs filed with the Office of the Superintendent of Bankruptcy Canada. In it Fenn lists $25 million (CA) in liabilities against $14.8 million in assets. Fenn owes $21.8 million to unsecured creditors, with Macmillan the largest by far (owed $10 million, with an additional $600,000 owed to its UK arm.) Other notable unsecured creditors, according to Quill & Quire, include four H.B. Fenn-affiliated companies comprising Fenn Publishing, Fenn Technologies, and two numbered corporations bearing H.B. Fenn’s Bolton address who together are owed $4.1 million, HarperCollins ($3.3 million, […]
Briefs: O’Hagan To Ghostwrite Assange Memoir; British Bookshops Releases Creditor List; and More
Scottish literary novelist Andrew O’Hagan is reportedly ghost-writing Julian Assange‘s memoir, which will be published in April.The Guardian British Bookshops and Stationers owes £6.3m to its unsecured creditors on £2.2m in assets, according to a company filing. Hachette’s Bookpoint and Littlehampton Book Services distribution companies are owed £440,053 and £644,747 respectively, while Random House’s distribution company The Book Service is owed £443,317 and both Macmillan Distribution and HarperCollins are due around £500,000.The Bookseller Buffalo Street Books in Ithaca, NY will close at the end of March after more than 35 years in business.The Ithaca Journal Sourcebooks’ Fiske College Guide is […]
When Will Borders File For Bankruptcy? As Early As Today, Or Later This Week
The WSJ reported Friday afternoon that Borders “could file for Chapter 11 bankruptcy protection as soon as Monday or Tuesday,” but also cautioned “the filing could be delayed a few days.” Whenever the bankruptcy filing takes place, it will trigger the imminent liquidation and closure on a significant portion of their store base–now predicted to cover 200 of the company’s superstores (with an option to close 50 more) and all of its smaller mall-based outlets, among other restructuring efforts. If it comes before the end of this month, vendors who received checks at the end of November may have to […]