Yesterday it was announced that Moody’s has downgraded Houghton Mifflin Harcourt’s rating, which sounds sort of familiar . . . probably because they did the same thing last December.
This isn’t good news for the Education Media & Publishing Group—which is incorporated in the Cayman Islands and owns HMH—but rather than pick on HMH for its mishandling of Drenka Willen’s retirement, or for telling the media about their freeze on acquisitions, I’d rather just point out the frightening statistic that triggered this downgrading:
Moody’s maintains that HMH remains vulnerable to state and local spending in the United States on so-called basal and supplemental K-12 (twelfth grade) educational publications. It says those categories posted a 22.8pc decline in sales in January 2009. (from Independent.ie)
A 22.8% decline in sales in one month is pretty severe, especially when talking about educational publications. Book sales overall were flat in January, although they did plunge in February (like all other retail sales) by more than 10%.
On the positive side of things, Cees Nooteboom—one of Drenka’s authors—has been getting some good buzz for Nomad’s Hotel, such as this write-up in Flavorpill’s Daily Dose. And Filip Florian—another HMH author whose Little Fingers sounds pretty interesting, and is under review—will be the feature author at the Observer Translation Project next month.
Founded in 1960 by such creative pioneers as George Perec, Raymond Queneau and Italo Calvino, the Oulipo, shorthand for Ouvroir de littérature potentielle, came about in when a group of writers and mathematicians sought constraints to find new structures and. . .
There’s little to say about a series of prose poems that willfully refuse to identify pronoun antecedents. Or perhaps there are a million things. The poems in Morse, My Deaf Friend— the chapbook by Miloš Djurdjević published by Ugly Duckling. . .
The Crimson Thread of Abandon is the first collection of short fiction available in English by the prolific Japanese writer and all-around avant-garde trickster Terayama Shūji, who died in 1983 at the age of 47. This collection would be important. . .
Last year, NYRB Classics introduced English-language readers to Catalan writer Josep Pla with Peter Bush’s translation of The Gray Notebook. In that book, Pla wrote about life in Spain during an influenza outbreak soon after World War I, when. . .
“Your bile is stagnant, you see sorrow in everything, you are drenched in melancholy,” my friend the doctor said.
bq. “Isn’t melancholy something from previous centuries? Isn’t some vaccine against it yet, hasn’t medicine taken care of it yet?” I. . .
What to make of Vano and Niko, the English translation of Erlom Akhvlediani’s work of the same name, as well as the two other short books that comprise a sort of trilogy? Quick searches will inform the curious reader that. . .
The opening of Jón Gnarr’s novel/memoir The Indian is a playful bit of extravagant ego, telling the traditional story of creation, where the “Let there be light!” moment is also the moment of his birth on January 2nd, 1967. Then. . .
Mahasweta Devi is not only one of the most prolific Bengali authors, but she’s also an important activist. In fact, for Devi, the two seem to go together. As you can probably tell from the titles, she writes about women. . .
The prolific Spanish author Benito Pérez Galdós wrote his short novel, Tristana, during the closing years of the nineteenth century, a time when very few options were available to women of limited financial means who did not want a husband.. . .
Pedro Zarraluki’s The History of Silence (trans. Nick Caistor and Lorenza García) begins with the narrator and his wife, Irene, setting out to write a book about silence, itself called The History of Silence: “This is the story of how. . .