Modella Capital, the private equity firm that purchased UK retailer WH Smith’s bookstore business last year, is creating a restructuring plan to avoid bankruptcy, the Times of London reports. The plan would close up to 100 of the chain’s 500 stores, which have been renamed TG Jones, and “demand rent cuts,” according to the Times. The proposal is a “cram-down,” which requires the consent of only one class of creditor, but also needs the approval of a judge. Modella must prove that their only other alternative is bankruptcy. The largest creditor is reported to be Secure Trust, which provided a […]
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Hachette Book Group Employees Unionize
Employees of Hachette Book Group announced they have unionized with Washington-Baltimore NewsGuild-CWA Local 32035, of the AFL-CIO. They have signed up a supermajority of 600 workers, making it the largest union in trade publishing history. The union says it is seeking better benefits, protections, and rights for workers, as well as increased equity, transparency, and agency in the workplace. They write in a release, “The HWC demands a livable wage regardless of work location, better working conditions, a cap on workload hours, a clear and neutral grievance process, AI protections, follow-through on DEI policies, and more.” A coalition of workers […]
Books Are Driving Netflix Views Around the World
For 13 weeks in a row, new or returning film and TV adaptations of books have made Netflix’s Global Top Ten lists of most watched content, the streaming service reports in a tie-in to World Book Day. The programs span adaptations from 14 different countries, and include “Norwegian crime noir, Turkish dramas and Korean romance.” Book-based IP is driving a significant share of Netflix’s business at this point. The company cites “a massive 2025 where book-based titles drove over 9B global views, representing nearly 20% of all hours watched on our service.” The press release uses nebulous percentage increases to […]