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.
When I was about two-thirds of the way through Neuman’s very ambitious, very engrossing novel, Bromance Will Evans asked me what I thought the purpose the rapist had in this book. Not who the rapist was—something that’s held in suspense. . .
“At night Amarâq is coated with a darkness as viscous as unmixed colors, neither the fjord nor the mountains, valleys, lakes, or the river exist, there is only a black mass, a void that spreads across the landscape sporadically, pressing. . .
If you’ve been following any of the recent Antoine Volodine talk going around Three Percent—both on the blog or on the podcasts—and have heard his fans wax obsessive over all his alter author-egos, you’re probably starting to feel some Volodine. . .
Muireann Maguire’s Red Spectres is a stunning and engaging collection of eleven Russian gothic tales written by various authors during the early Soviet Era, all but two stories of which are featured in English for the first time ever. These. . .
“The small stone plaza was floating in the midday heat. The Christ of Elqui, kneeling on the ground, his gaze thrown back on high, the part in his hair dark under the Atacaman sun—he felt himself falling into an ecstasy.. . .
This slender, uncanny volume—the second, best-selling collection of stories by Russian author Ludmilla Petrushevskaya to appear in the U.S.—has already received considerable, well-deserved praise from many critics and high profile publications. Its seventeen short tales, averaging ten pages each, are. . .
The Urdu word basti refers to any space, intimate to worldly, and is often translated as “common place” or “a gathering place.” This book by Intizar Husain, who is widely regarded as one of the most important living Pakistani writers,. . .
The Whispering Muse, one of three books by Icelandic writer Sjón just published in North America, is nothing if not inventive. Stories within stories, shifting narration, leaps in time, and characters who transform from men to birds and back again—you’ve. . .
Luis Negrón’s debut collection Mundo Cruel is a journey through Puerto Rico’s gay world. Published in 2010, the book is already in its fifth Spanish edition. Here in the U.S., the collection has been published by Seven Stories Press and. . .
To have watched from one of your patios
the ancient stars
from the bank of shadow to have watched
the scattered lights
my ignorance has learned no names for
nor their places in constellations
to have heard the ring of. . .