Appleton, Wisc.-based Book World Inc. has announced that it is closing all bookstores in its Book World chain that operates 45 outlets across the Midwest. In a letter to its business partners and vendors as well as in a release sent to media, Book World said that liquidation sales will begin on November 2 at all 45 locations. The sales will continue until all inventory -- books, magazines, greeting cards, gifts, and other sidelines – is gone. The company expects that all stores will be closed by January 15. In the letter to Book World’s business partners, senior v-p Mark Dupont said that while the chain had been able to weather the advent of e-books, in the past 12 months sales started plummeting and still continue to drop. Dupont attributed the downturn to the national consumer shift towards e-commerce and away from large department stores. This, Dupont wrote, “has triggered the loss of vital mall anchor stores and a downward spiral in customer counts, reducing sales to a level that will no longer sustain our business.” Click Read More below for additional information.
Bertelsmann reports positive business performance and strong growth after the first nine months of FY 2021.
The international media, services, and education company increased its revenues by 9.2 percent year-on-year to €13.1 billion (previous year: €12.0 billion). The Group also improved its operating margin. Organic growth amounted to 14.2 percent year-on-year and 8.4 percent compared to the pre-Corona year 2019, with RTL Group, Penguin Random House, and Arvato’s services businesses, each making a particularly strong contribution.
Thomas Rabe, Chairman & CEO of Bertelsmann, said: “The months from January to September 2021 went very well for us. Besides achieving strong organic growth; we made important strategic progress. For example, the number of paying subscribers to RTL Group’s streaming services grew rapidly to 3.4 million. BMG acquired an extensive portfolio of rights from Tina Turner. Our services subsidiary Majorel managed a successful IPO, and Bertelsmann strengthened its position in the Brazilian education market by acquiring shares in the education company Afya.“
Highlights from the divisions:
RTL Group recorded 3.4 million paying subscribers for its streaming services (the paid offerings of RTL+ in Germany and Videoland in the Netherlands), an increase of 91 percent compared to the end of September 2020. Streaming revenues of RTL+ and Videoland increased by 31 percent compared to the same period last year.
Penguin Random House placed numerous new titles on the New York Times bestseller lists in the first nine months of 2021, including “The Hill We Climb” and “Change Sings” by Amanda Gorman, “The President’s Daughter” by Bill Clinton and James Patterson, “Harlem Shuffle” by Colson Whitehead, and “How To Avoid A Climate Disaster” by Bill Gates.
Gruner + Jahr and RTL Deutschland announced in August that they will be merging to form a new national cross-media champion. The new company launches at the beginning of next year.
BMG continued with its successful repertoire strategy, signing global superstars including Bryan Adams, Santana, Soft Cell and Johnny Marr. In October, BMG announced the acquisition of an extensive portfolio of rights from Tina Turner, the Queen of Rock ‘n’ Roll.
Arvato again saw a very dynamic development, particularly in the e-commerce, IT/tech and healthcare sectors. Beyond this, the private placement of shares in the global customer experience company Majorel on Euronext Amsterdam was a success.
details at: https://www.bertelsmann.com/news-and-media/news/bertelsmann-reports-organic-growth-of-14-percent-in-first-nine-months-of-2021.jsp?atn=2862170&abp=2862170,2862222,