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.
Gustavo Faverón Patriau’s The Antiquarian, translated by Joseph Mulligan, is a genre-blending novel, a complete immersion that delves into a lesser-used niche of genre: horror, gothic, the weird. There are visual horrors, psychological ones, and dark corners with threats lurking.. . .
What a wonderful, idiosyncratic book Weinberger has written. I say book, but the closest comparison I could make to other works being published right now are from Sylph Edition’s “Cahiers Series“—short pamphlet-like meditations by notable writers such as Ann Carson,. . .
Early in Sun-mi Hwang’s novel The Hen Who Dreamed She Could Fly, the main character, a hen named Sprout, learns about sacrifice. After refusing to lay any more eggs for the farmer who owns her, she becomes “culled” and released. . .
When Sankya was published in Russia in 2006, it became a sensation. It won the Yasnaya Polyana Award (bestowed by direct descendants of Leo Tolstoy) and was shortlisted for the Russian Booker and the National Bestseller Award. Every member of. . .
Stalin is Dead by Rachel Shihor has been repeatedly described as kafkaesque, which strikes a chord in many individuals, causing them to run to the bookstore in the middle of the night to be consumed by surreal situations that no. . .
Paradises by cult Argentinian author Iosi Havilio is the continuation of his earlier novel, Open Door, and tells the story of our narrator, a young, unnamed Argentinian woman.
The very first sentence in Paradises echoes the opening of Camus’s The Outsider. . .
This pearl from New Directions contains one short story from Russian literary master Fyodor Dostoevsky (translated by Constance Garnett) and one short story from Uruguayan forefather of magical realism Felisberto Hernández (translated by Esther Allen). Both pieces are entitled “The. . .
I’m talking about pathological individuals; six twisted people taking part in an unpredictable game.
Carlos Labbé’s Navidad & Matanza is the story of two missing children and the journalist trying to find them. Actually. it’s the story of a group of. . .
For Lukas Zbinden, walking is a way of life. At eighty-seven, he is still an avid walker and insists on going for walks outside as often as possible, rain or snow or shine. Now that he lives in an assisted. . .
Commentary is a book that defies simple categorization. Marcelle Sauvageot’s prose lives in the world of novel, memoir, and philosophical monologue as the narrator, a woman recuperating in a sanatorium, muses on the nature of love and examines her own. . .