Well, This Isn’t A Good Start
So you always like to start a new year on an optimistic note, one filled with hope and prosperity and good fortune. But for the publishing industry, which includes publishers, booksellers, and writers, this isn’t exactly what you would call starting off on the right foot.
Apparently, due to financial problems, Borders is delaying payments to major publishers. Here’s the story reported Monday from the New York Times, which includes the industry prediction that a bankruptcy filing from Borders is now more likely than ever.
This was followed on Wednesday by an updated report in Publishers Weekly.
And the latest from Publishers Weekly says that publishers are unimpressed with Borders proposals to accept a note or bond in exchange for missed payments and for a delay in making payments. Borders told publishers it would have more details next week after it heard back from the banks it is in talks with to receive new loans. One publisher said the proposal, as it stands now, “is not going to fly.”
I’ve done a number of signings at Borders and have always appreciated their support. And whether or not you patronize Borders or have an aversion to large chain bookstores, this is discouraging news for writers and readers alike.
