Quote:
Originally Posted by SensualPoet
Rather more interesting ... B&N, although it has some irons in the fire, is in poor shape financially. It had to suspend dividends earlier this year to ensure it could pay for inventory. It is investing very heavily in Nook, spending far more than it is recovering in revenue (let alone profit). And paper sales of books are drastically down across all publishers. Meanwhile, its chief competitor Borders is closing with 50% off sales which has to be sucking the life out of summer sales at B&N until that disaster is finished (end of August, early September).
Well, "ouch", at the least, is the operative word of the day.
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The librarian at my local public library said "business" has increased 60% in 2010 as compared to 2009. Over 50,000 more items were borrowed last year than in 2009.
If this is typical everywhere, no wonder retailers are having financial difficulties.