Quebecor Files For Bankruptcy
Printing giant Quebecor World has filed for bankruptcy protection in both Canada and the U.S. The filing came after the company was unable to reach a final agreement on a C$400-million bailout package it had been negotiating. Quebecor said its book printing operations will not be affected by the bankruptcy.
Bloomsbury Cuts 7
Bloomsbury USA has eliminated seven positions, including that of publishing director Annik LaFarge, whose responsibilities will be divided among other Bloomsbury executives. The cuts bring the number of employees to 50, and came after a disappointing sales year. Bloomsbury will also make a slight cut in the number of new adult titles it releases in 2008.
Results Rise At MHE
Total revenue at McGraw-Hill Education rose 7.2%, to $2.70 billion, in 2007, with operating income jumping 21.5%, to $400 million. Profits in the year incorporate a $16.3-million charge to account for the elimination of 304 jobs. Sales in the school education group rose 6.8%, to $1.4 billion, while sales in the higher education/professional/international group increased 7.6% last year, to $1.3 billion.
The company said it expects sales at MHE to grow between 6% and 8% in 2008, while profits will grow in the low single digit range. The slow profit growth was attributed to an increase in pre-publication amortization and stepped up investments in technology to accelerate the transformation of products from print to digital.
Friedman to Keynote BEA
Thomas Friedman will be the keynote speaker at this year's BookExpo America in Los Angeles. The three-time Pulitzer Prize winner will discuss his upcoming book, Green IS the New Red, White and Blue, at the convention on May 30 at 11 a.m.
Random HQ Gets Green Nod
Random House's world headquarters at 1745 Broadway in New York City has been certified as a Leadership in Energy and Environmental Design (LEED) building by the U.S. Green Building Council. LEED promotes a “whole-building approach” in making its assessment, and RH was recognized for a variety of innovations, ranging from energy efficiency to removing all Styrofoam and plasticware from its cafeteria.
iUniverse to Relocate
Author Solutions, parent company of iUniverse, is moving the vanity press from Lincoln, Neb., to Bloomington, Ind. iUniverse's 70 employees have been offered positions in Bloomington, but it is unclear how many will relocate. iUniverse president Susan Driscoll, along with several key execs, are making the move. Author Solutions acquired iUniverse in September.
BAM Picks Brownstone
Brownstone Books, an African-American—oriented bookstore located in Brooklyn, will add a second outlet when it takes over operation of the Brooklyn Academy of Music bookstore this month. The new Brownstone Books at BAM store is 300 sq. ft. and will feature books on art, theater, the performing arts and local interests as well as current fiction and nonfiction bestsellers. Brownstone Books owner Crystal Bobb-Semple said the store takes advantage of BAM's unique business and will “revolve around BAM's performance calendar.”
Correction
In last week's “50 Under 40” profile of Scribner senior editor Brant Rumble, his age was incorrect. He is 34, not 35. Also, he attended DePauw University, not Auburn.
