As Borders campaigns privately to persuade creditors and vendors to support its reorganization plans and resume normal trade terms, the NYT adds its assessment to yesterday’s WSJ report, which does not show a lot of movement. Those publishers willing to speak remain unmoved and “said they were no more likely to resume normal trade terms with Borders.” One unnamed publisher said, “We are not impressed. None of it gave us any reason to think they can get themselves out of this. I don’t think it’s changed anybody’s mind.” But Borders ceo Mike Edwards retains his unshakable belief that everything is […]
People, Etc.
David Rosenthal is reuniting with his longtime Simon & Schuster colleague Aileen Boyle, hiring her as associate publisher for his new imprint at Penguin, starting July 1. “She will be coordinating sales, marketing and publicity as well as working closely with Rosenthal on shaping his imprint’s overall strategy.” Boyle had been associate publisher at the Simon & Schuster trade imprint until the end of 2010. Chronicle’s publishing director Sarah Malarkey will take the new role of executive editorial director, leading the adult trade editorial staff, directing pop culture and humor publishing, and acquiring titles in those categories. Amanda Walker has […]
Borders Previews The Plan, and Will Exit Ann Arbor
Borders is finally ready to present their business plan to creditors this week, the WSJ reports, though the paper has few details on what Borders will propose. The lead trumpets “major cost reductions” that include over $30 million in rent reductions. Of course the bookseller has also proposed paying out $8.3 million in executive bonuses, and the last time they reported earnings in December 2010, they lost almost $75 million in the third quarter alone. The company will leave their Ann Arbor home–which has been up for sale since last fall, portions of which Borders had sub-leased out before filing […]
Still in the REDGroup: More Borders Stores to Close; Whitcoulls Airport Stores Sold
The REDGroup Retail bankruptcy march continues, as administrators Ferrier Hodgson announced today that they will close 16 more Borders stores in Australia over the next 8 weeks, with 510 staffers expected to be laid off. The closings will leave just 9 Borders stores left on the continent. In addition, Ferrier Hodgson sold 10 Whitcoulls airport stores to Australian-based travel retail specialist LS Travel Retail Pacific for an undisclosed sum. The shops at four New Zealand airports will be rebranded under the Relay name over the next few weeks. Bookseller+Publisher National Business Review
People, Etc.
At Touchstone, Lauren Spiegel has been promoted to editor. Jay Schaefer, most recently editor at large for Workman and Algonquin Books, and previously an editorial director at Chronicle Books, where he worked for more than 20 years, is still in San Francisco and can now be reached at jay@jay-schaefer-books.com Stefanie Rosenblum is leaving the publicity department at Workman to become a publicist at Planned Television Arts. At Potter Craft, Betty Wong has been promoted to senior editor, now reporting to editorial director Victoria Craven, with assistant editor Caitlin Harpin reporting to Wong. Katy Hershberger will join Bloomsbury and Walker Books […]
More Warnings and Speculation On HMV and Waterstone’s
Struggling UK chain HMV reduced their profit expectations for the third time so far this year, telling investors they expect full-year profits of about 30 million pounds, reduced from their estimate of 38 million pounds at the beginning of March. HMV shares have declined more than 20 percent in today’s trading, down to a mere 12 pence per share. The good news is that their lenders–whose borrowing convenants they expect to violate–have given the chain an extra two months, until July 2, to “test” those convenants. That gives the company just a little breathing room to sell some assets in an attempt […]