In one of the filings related to their bankruptcy today, Borders provided a snapshot report on full-year sales, even though they have not formally reported those results yet. Sales for the fiscal year ending January 29, 2011 were “approximately $2.3 billion”–from which we deduce sales for the year fell roughly 14.5 percent compared a year ago, when they recorded sales of just under $2.7 billion. An estimate of fourth quarter results based on the three other quarters already disclosed shows that a bad situation got worse during the best sales time of the year. Fourth quarter sales were roughly $761 […]
AAP eBook Sales Reach New High in December, Finish Year at 8 Percent/$441 Million
The AAP reported sales from December for the limited set of reporting publishers they monitor, tabulating ebook sales from a dozen companies of $49.5 million for the month. Electronic books registered $441.3 million for the year among the reporting companies, compared to $166.9 million a year ago. When properly calculated, ebooks were just under 8 percent of net trade sales for the year. For December alone, ebooks comprised 9.5 percent of monitored sales. It was the highest monthly ebook sales number yet, outpacing the previous high from November of $46.6 million. Consistent with our analysis last month of figures for […]
Borders Files for Bankruptcy; Owes Top Publishers $230 Million, and Will Close About 200 Stores
Borders formally filed for Chapter 11 bankruptcy protection in a Manhattan Federal Court, listing total debt of $1.29 billion and supposed assets of $1.275 billion. Among the top 30 unsecured creditors listed in the filing, book publishers and distributed are owed roughly $230 million (see below for the full list). Borders says in their announcement that it “has received commitments for $505 million in Debtor-in-Possession (DIP) financing led by GE Capital, Restructuring Finance. Restructuring Finance. This financing should enable Borders to meet its obligations going forward so that our stores continue to be competitive for customers in terms of goods, […]
People, Etc.
Richard Rhorer has been named associate publisher of Simon & Schuster, reporting to Jonathan Karp. Previously he was director of digital business development at Macmillan. Beach Ball Books, a new children’s book publishing company spearheaded by former Shoreline Publishing Group editorial director Jim Buckley, will launch this fall with six preschool and middle-grade titles focusing on “sports books, board books and plans for a raft of colorful, entertaining books that kids and families will love.” Beach Ball’s list will be sold and distributed by Dave Weiner & Associates and The BookMasters Group. Effective April 1, Simon & Schuster will handle […]
TOC and Beyond: Atwood Defends Authors’ Cheese, and More
At this morning’s TOC conference Margaret Atwood showed how a great writer can craft an entertaining speech and even a swell powerpoint better than most technologists. Her theme was “who is going to pay for the cheese sandwiches on which authors are known to subsist?” in this new digital age. While she didn’t have grand answers to offer, she did come armed with charming illustrations and a delightful delivery. “I love the enthusiasm for new things. Forgive me for not being quite as hopped about it all as some people may be,” Atwood began. “We’ve heard a lot about change. […]
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 […]