Penguin Random House will allow independent bookstores in the United States to take an additional month to pay their invoices to the publisher, the company announced on Wednesday. PRH is making the change as another way to help booksellers who have been hard hit by the pandemic.
The new plan begins May 1, and will cover all titles in the May invoice cycle, including initial orders for May titles, and reorders placed during the May billing cycle. Titles from DK and Penguin Random House Publisher Services, as well as any other titles that appear on PRH invoices, will be covered by the extended terms. Independent booksellers looking for more information should contact their PRH credit representative, the company added.
“We have been listening carefully to what kinds of support will be most helpful to indies in 2021, especially those who have been struggling during the pandemic,” Jaci Updike, president of sales at Penguin Random House U.S., said in a statement.“ What we hear most consistently is that small businesses need flexibility and the ability to manage their invoices and split payments in different ways during times of uncertain cash flow.”
Allison Hill, CEO of the American Booksellers Association, praised the move in a statement. “In our conversations with publishers, ABA has been stressing the importance of helping booksellers with cash flow,” she said. “We appreciate that Penguin Random House is listening and responding with a payment plan that supports all independent bookstores.”