Showing posts with label depression. Show all posts
Showing posts with label depression. Show all posts
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Monday, February 23, 2009
Financially-troubled small press publisher Dumbo Books of Brooklyn files for Chapter 11 Bankruptcy Protection
This morning we are issuing the following press release:
Brooklyn, N.Y., Feb. 23, 2009 — Dumbo Books of Brooklyn has announced that it filed for Chapter 11 protection from its creditors on Monday, saying a massive slump in revenue from book sales was to blame.
The company owns a small press publisher of literary books and three nondaily online newspapers, including The Los Angeles World-Telegram & Star, and has about 3.5 employees.
According to Richard Grayson, the company’s chief restructuring officer who filed a declaration in the case, unaudited financial statements for the fiscal year ending Nov. 30 reported $5,963 in assets and $18,692 in debt, including unpaid interest. Revenue has fallen more than 70 percent since 2006, the company said in bankruptcy court documents filed in Delaware.
Grayson said in a statement that Dumbo Books "anticipates that the Chapter 11 process will allow it to significantly reduce debt from its balance sheet while facilitating a strategic reorganization of the company, which will place it in the strongest possible position to sustain its momentum despite extremely challenging market conditions for books like Who Will Kiss the Pig? Sex Stories for Teens, which up until recently was 3,765,633 on Amazon's best seller list."
Dumbo Books, based in the Williamsburg neighborhood of Brooklyn despite its name, proposes a restructuring in which it would cancel its stock — it traded for less than one cent on Friday — and become controlled by its lenders.
Grayson called the filing "ironic," noting, "Just like most of the few remaining readers of our books, we couldn't get past Chapter 11."
Saturday, January 31, 2009
Adding It Up: We review the February 1, 2009 Sunday New York Times Book Review
The New York Times Book Review for February 1, 2009 is 24 pages.
The cover has no ads. Since other sections of the paper, including the front page, now have ads, we think ads would be a good idea here.
Page 2: Big ad for The New York Times Almanac with The Editors' "Up Front" column. Sorry, counts as no ads.
Page 3: Table of contents page has side ad for Rowman & Littlefield Publishers, Inc. (a competitor of Dumbo Books!).
Page 4: Letters page has bigger side ad for Delta Trade Paperbacks' Polly Evans.
Page 5: First inside review page has little side ad for Delacorte Press.
Page 6: Little side ad for Other Press. (Notice the caps: we are not just trying not to name a competitor!)
Page 7: No ads.
Page 8: No ads.
Page 9: Nada.
Page 10: Nope.
Page 11: No ads.
Page 12: Bupkis.
Page 13: Nice pic of Joseph P. Kennedy, but no ads.
Page 14: Zilch.
Paga 15: Nothing in the way of ads.
Page 16: No ads.
Page 17: No ads.
Page 18: No ads.
Page 19: Nothing.
Page 20: No ads.
Page 21: Finally, big side ad next to paperback best sellers list. Wait, it's for The New York Times Store. Sorry, this doesn't count. Again, no ads.
Page 22: Okay, we have on the left side two real ads for University of Virginia Press and, oh, wait, it's The New York Times store again. And on the right, going down the page, a little box for the memoirs of a psychoanalyst that is available at amazon.com and barnesandnoble.com, just like Dumbo Books books! Then the book exchange with three classified ads (two "books wanted," one "printing related services") and then a larger ad for. . . The New York Times Store. Well, it is for a book.
Page 23: Essay page has no ads. What would Sontag do?
Page 24: Full-page ad in the back. Bauman Rare Books comes through again! Thanks, fellas! You are indeed a rare find.
Adding it up: Generously, two and one-third pages of ads out of 24 pages.
We are sending a dozen cannolis to the Times display advertising department so they will have something to keep their energy up this week.
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