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.
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. . .
There are plenty of reasons you can fail to find the rhythm of a book. Sometimes it’s a matter of discarding initial assumptions or impressions, sometimes of resetting oneself. Zigmunds Skujiņš’s Flesh-Coloured Dominoes was a defining experience in the necessity. . .
In a culture that privileges prose, reviewing poetry is fairly pointless. And I’ve long since stopped caring about what the world reads and dropped the crusade to get Americans to read more poems. Part of the fault, as I’ve suggested. . .
I would like to pose the argument that it is rare for one to ever come across a truly passive protagonist in a novel. The protagonist (perhaps) of Three Light-Years, Claudio Viberti, is just that—a shy internist who lives in. . .
The last five days of the eleventh-century Icelandic politician, writer of sagas, and famous murder victim Snorri Sturleleson (the Norwegian spelling, Snorre, is preserved in the book) make up Thorvald Steen’s most recently translated historical fiction, The Little Horse. Murdered. . .
We all know Paris, or at least we think we know it. The Eiffel Tower. The Latin Quarter. The Champs-Élysées. The touristy stuff. In Dominique Fabre’s novel, Guys Like Me, we’re shown a different side of Paris: a gray, decaying. . .
One hundred pages into Birth of a Bridge, the prize-winning novel from French writer Maylis de Kerangal, the narrator describes how starting in November, birds come to nest in the wetlands of the fictional city of Coca, California, for three. . .
At 30, the Mexican writer Valeria Luiselli is already gathering her rosebuds. Faces in the Crowd, her poised debut novel, was published by Coffee House Press, along with her Brodsky-infused essay collection, Sidewalks. The essays stand as a theoretical map. . .
Fantomas Versus the Multinational Vampires: An Attainable Utopia (narrated by Julio Cortázar) is, not disappointingly, as wild a book as its title suggests. It is a half-novella half-graphic novel story about . . . what, exactly? A European tribunal, Latin. . .
Marie NDiaye has created a tiny, psychological masterpiece with her Self-Portrait in Green. In it she explores how our private fears and insecurities can distort what we believe to be real and can cause us to sabotage our intimate relationships.. . .