Mitch Albom has delivered the manuscript for HAVE A LITTLE FAITH: A True Story of a Last Request, for publication this September. “It all started with the question: How does a nonreligious person like me do a eulogy?” It is his first work of nonfiction since the 1997 bestseller TUESDAYS WITH MORRIE. The Detroit Free Press reports, “Albom explains there are three central characters: One is an inner-city pastor who was a criminal in Detroit before turning his life around and taking over a church that helps homeless people. The second character is a 90-year-old rabbi from the suburbs of […]
Ratings Cuts for Bertelsmann and Scholastic
Moody’s Investors Service lowered its ratings outlook on Bertelsmann, citing the advertising-market slump, waning consumer spending, weakening sales in the company’s book-publishing and magazine segments and the expectation of “further declines” this year. The ratings service expressed worries about the company’s ability to control debt that could “well come under additional pressure in 2009 given the difficult operating environment,” Nonetheless, Moody’s said Bertelsmann has “adequate” liquidity to meet its near-term needs.WSJ Separately, Standard & Poor’s reduced their rating on Scholastic to “BB-” last week, a day after Moody’s also downgraded the publisher’s debt. S&P credit analyst Tulip Lim said the […]
Amazon Closes Distribution Centers, Cuts 215 Jobs
Amazon will close three distribution centers in Munster, Ind., Red Rock, Nev., and Chambersburg, Pa., the first such moves since 2006. Amazon said the closures “are part of a reorganization of its fulfillment network” — moving capacity to larger warehouses that can “better balance product mix and customer orders.” The 215 workers at the three warehouses slated for closure will receive pay through May 25, receive benefits through May 31, and get a minimum of 3 weeks severance pay, according to Amazon spokesperson Patty Smith, who said “eligible” workers will be offered the chance to transfer to other U.S. distribution centers.TechFlash
BAM Board Buys Up $8M of Stock
Books-A-Million’s board of directors has put into effect a plan to buy up to $5 million in shares of company stock as of April 30, replacing a previous plan where BAM bought $1.8 million of its stock. The company has 15.6 million shares of stock currently worth about $68.1 million.
Springer Placed on the Sales Block
Private equity companies Candover and Cinven are believed to be preparing to put Springer Science and Business Media up for sale, with UBS and Goldman Sachs apparently appointed to sound out potential bidders. Sources tell the Guardian that prospective purchasers have until the end of next week to register their interest. Springer could fetch up to £2bn from financial or trade buyers, though the current economic climate may make meeting that price difficult and the head of one competing venture capital firm said he thought it was “unlikely Springer would attract much interest, given the poor short-term prospects for the […]
People and Announcements
Jan Girando, Vice President of Andrews McMeel’s Product Development Group, will retire as of April 30. She had been with the company since 1988. Book critic Gail Caldwell and books & publishing reporter David Mehegan are among 24 Boston Globe staffers who took a buyout from the paper this week. Boston Herald “The 2009-2014 World Outlook for 60-milligram Containers of Fromage Frais,” by Philip M. Parker won the Diagram Prize, awarded Friday by The Bookseller.