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.
Death by Water, Kenzaburo Oe’s latest novel to be translated into English, practically begs you to read it as autobiography. Like The Changeling, as well as many other works not yet released in English, Death by Water is narrated in. . .
Jocelyne Saucier’s Twenty-One Cardinals is about the type of unique, indestructible, and often tragic loyalty only found in families. For a brief but stunningly mesmerizing 169 pages, Twenty-One Cardinals invited me in to the haunting and intimate world of the. . .
We know so very little; so little that what we think to be knowledge is hardly worth reckoning with at all; instead we ought to settle for being pleasantly surprised if, on the edge of things, against all expectations, our. . .
Many of Virginie Despentes’s books revolve around the same central idea: “To be born a woman [is] the worst fate in practically every society.” But this message is nearly always packaged in easy-to-read books that fill you with the pleasure. . .
Ilja Leonard Pfeijffer’s La Superba is appropriately titled after the Italian city of Genoa, where, after escaping the pressures of fame in his own country, the semi-autobiographical narrator finds himself cataloguing the experiences of its mesmerizing inhabitants with the intention. . .
It took reading 44 pages of Intervenir/Intervene before I began to get a sense of what Dolores Dorantes and Rodrigo Flores Sánchez were up to. Recurring throughout these 44 pages—throughout the entire book—are shovels, shovel smacks to the face, lobelias—aha!. . .
As presaged by its title, contradiction is the theme of Peter Stamm’s novel, All Days Are Night. Gillian, a well-known television personality, remains unknowable to herself. And Hubert, a frustrated artist and Gillian’s lover, creates art through the process of. . .
It’s a rare and wonderful book that begins and ends with violence and humor. At the start of Etgar Keret’s The Seven Good Years, Keret is in a hospital waiting for the birth of his first child while nurses, in. . .
Last year, Han Kang’s The Vegetarian was an unexpected critical hit. Now, it’s just been published in the U.S. and has already received a great deal of positive critical attention. The Vegetarian was a bold book to attempt as an. . .
It’s been almost a year since the publication of Nowhere to Be Found by Bae Suah, but despite being included on the 2015 PEN Translation award longlist, and some pretty vocal support from key indie presses, the book has. . .