John – Page 7 – Lemuria Books

Author: John (Page 7 of 19)

Greg Iles visits Lemuria

On April 26, 2011

Lemurians were elevated Monday as Greg Iles came to visit us.

I’m happy to report our time together was like old times, yakking about books and the current book business confusion. Just out of the hospital after a car wreck, Greg is back but he’s got a tough row to hoe this spring sportin’ around his ole self physically. When it comes to his own books, he was juiced about giving his fans two new books due out in 2012. Though most importantly, the joy of being alive radiated off his being.

The curtain was opened yesterday on Greg’s health. He is alive with desire and Lemurians were overjoyed and inspired by his presence of will. Now is the time for good words and good thoughts from his readers he’s touched. Feel free to share your love and care with a message to cheer him onward: giles34@gmail.com

Lemuria is overjoyed to lead this charge of support for Greg.

Man-o-man I can’t tell you the joy I felt when I saw the smile on Greg’s face as he looked around and talked books in our bookstore.

Younger Next Year by Chris Crowley and Henry S. Lodge, M.D.

By John

On April 22, 2011

In Health

Before the great recession, around 2005, I was recently divorced and working on figuring out my retirement plans. I was meeting with my bank pals, Stan and John. During the process I was asked “How far out do you want to plan?” My answer was “Until I’m a hundred years old. I’m going to try to live to a hundred.” Stan, who is around forty, replied that an older guy in his sixties had suggested Chris Crowley’s Younger Next Year.

Being 55 and struggling with severe lifestyle adjustment, I absorbed Younger Next Year. This book provides a fine and practical study about conscious aging, as well as tips for creating a fun and self-aware lifestyle. Taking charge of your body leads you to take charge of your life. You choose your state of health.

Author Chris Crowley pulls no punches; you have to connect to yourself and commit to doing what you need to do to take care of your health. Chris’s point is that we have to learn to take care of ourselves, and exercise is the only way to engage your brain and physical body. If you do it you will get younger. Through work and routine, we can resist old age.

Chris states that we need to exercise six days a week (with aerobic exercise at least four days) for the rest of our lives. There are no negotiations on this until you die. Make being healthy your new job. Have a schedule and exercise until you sweat. This creates circulation, which more than any other single thing is the key to health. After fifty, exercise is not an option; you have to exercise or you just get old. By exercising and paying attention to what you eat and drink (alcohol is my guilty pleasure) you slow up the slippery slope to an unhealthy death.

Separate chapters by Chris and Henry (his doctor) help us understand the meanings of these truths. Becoming aware of our health is the first stage of having more physical happiness. Our awareness that we are working to control our health fate is important. We are taking charge and doing our part to decrease the needs of entitlement health demands, which our country can’t seem to afford or be realistic about.

Trust me, this is a good book. Reflecting back to Stan’s suggestion–I thank him, too. Reading Chris’s book made me a happier and healthier sixty-year-old guy. Forty years to go until my one hundred! I look forward to Chris’s update, which I hope he will write as he turns 80.

Crowley and Lodge have also written Younger Next Year for Women.

See Chris Crowley’s newest book Thinner This Year: A Diet and Exercise Program for Living Strong, Fit, and Sexy written with nutritionist Dr. Jan Sacheck.

Bookstore Keys: Independents on the Exposed End of the Titanic?

By John

On April 6, 2011

In Newsworthy

In 1975, Lemuria was born as an independent bookstore. It was a brain-germ product of the counter culture movement that started in the 60s. Middle America was a little later in the culture realization of those times. I remember that independents were approximately 50% of trade sales for publishers. We were also in the middle of the “malling of America” retail growth stage and the mall chain bookstores were the primary competition for independents.

Above: The original Lemuria sign used at The Quarter.

As the “malling” strength took effect, a parade of cattle-like customers looking to consume enhanced the growth of chain bookstores. Somewhere in the 80s, I remember independents strength of sales declining to 40%, then 33%, thus decreasing the importance of independent book selling in the marketplace.

Left: Lemuria was actually a converted apartment and held a modest $8,000 in books.

In the 90s, independents were challenged by the development of the big box stores, and their strategy branding (B&N, Borders and in the South, Books-A-Million). Wholesale Clubs, Wal-Mart, etc. began to erode small store sales using heavy loss leader discounting. Independent market share continued to drop 25% to 20% and so on.

Amazon was also birthed in the 90s, and the loss leader book price was exaggerated to its height of influence and product devaluation as the new century began. Airports became the new malls as bookstores prospered from the busy traveler. Independent market share dropped like a sunk boat to around 10%. Product printed price seemed to have little meaning as independents struggled to add customer value from their reading skills, inventory editing using their buying skills, and loyal author/publisher support with bookstore signings and readings.

In the 2000s, box stores boomed, Amazon sales exploded and price clubs continue to devalue our market place and product. Now 2011, Borders appears busted, B&N seems on the run, though end of year sales figures don’t prove that fact. Amazon’s Kindle is in a beast-like growth cycle and seems to be the lead market dictator followed by the nook and iPad. (See previous Bookstore Key: The New Rules of Retail)

Please note, these exact sales figures are not my point, for I am reflecting basically from memory. However, 3 1/2% of market share is where independents stand today according to a recent Publisher’s Weekly article.

Market Share of Major Outlets for Trade Books, 2009–2010

(based on dollars)

Outlet	2009	2010
Barnes & Noble	22.5%	23.0%
Amazon.com	12.5	15.1
Borders	14.0	13.1
Wal-Mart	7.0	5.8
Warehouse clubs	3.6	4.0
Independents	3.4	3.5
Books-A-Million	2.8	2.7
Target	2.0	1.9
Supermarket/grocery	2.0	1.7

(See full article in Publisher’s Weekly here.)

You may ask why I write this as it appears that the independents industry strength is at the exposed end of the Titanic about to sink with the band playing a swan song: I disagree.

Our time for redefinition is now. We can be vital again, and if we made it through the Great Recession, we’ve done a few things right. As we’ve flattened out, it’s now time to bust a gut and grow, utilizing what we do right. We need to keep refining our bookstores to our community. Do we have the energy left and can we muster up the juice it takes to grow again?

So much depends on our publishers and their desire or need for our good work and services. Three and a half percent of trade sales is so little, however, can our influence be 10% or more in 2 years? I’m not so sure it can’t, and who knows if that can happen. We need help from the publishers that care about our work, helping us to make our presence more felt in our communities to enhance good books, good authors and good writing.

And once again, I ask: Can the publishers lower retail prices to give us a chance? Please help us stop the prostitution of our product and so much hard work by the authors. Good readers and good booksellers want the care and good help of publishers.

See previous blog on The Future Price of the Physical Book

Predictably Irrational: The Hidden Forces that Shape Our Decisions

By John

On March 31, 2011

In Psychology

Predictably Irrational: The Hidden Forces that Shape Our Decisions by Dan Ariely (Harper, 2008)

Dan Ariely defines predictably irrational: Our irrationality happens the same way again and again; our irrational behaviors are neither random or senseless, they are systematic and since we repeat them again and again, predictable.

Predictably Irrational (PI) addresses imprinting, why we stick with decisions once they are made. In running a small business in a highly competitive marketplace, it is important to learn about consumer behavior and loyalty. PI is thought-provoking as it addresses why and how consumer ch0ices are made. Lemuria wants our readers to understand their reading choices. We encourage those decisions to be made consciously, with book purchases adding the highest reader value for the time spent.

Ariely explores why we stick with decisions once they are made. Reading his case studies allows us to reflect on our own habits and understanding their results. Irrational behaviors are neither random or senseless, they are systematic and predictable. We often make the same mistakes over and over again responding to the basic wiring of our brain. Two sections that spoke to me were the explorations of predictably irrational as an explanation of our consumer and workplace habits.

As we spend our money, most transactions have a downside, but when something is free we forget the downside. Free gives us an emotional charge that causes us to perceive that the free item is immensely more valuable than it really is. Ariely asserts this is because humans are intrinsically afraid of loss. From a consumer perspective, one association I have with “free” is with Amazon shipping which causes us to fall into the trap of buying something we don’t need but emotionally think we want. As consumers actualize, I feel manipulative strategies of the “sucker punch” marketing will become less influential in the future. Marketing “Free” and “Sale” should digress as consumers become more aware of these deceptive tendencies. To buy in excess just because something is free or on sale is another predictably irrational behavior.

On the other hand, how often do we experience marketing that tells the consumer that a high price is simply the high price of ownership, the high price of a social relationship, or the high price of being unique–causing us to pay more than we feel we should. This causes more emotional loss than we gain from the product or the experience.

I especially enjoyed Ariely’s section on predictably irrational in the workplace. He addresses procrastination and self control at work and why we lose this fight so often. Giving up our long term goals for immediate gratification is procrastination. We forget the problems these poor choices cause fellow workers whose tasks are dependent on others time lines. All good small business owners know that everyone has problems with procrastination. Management’s job of getting workers to recognize and admit their weaknesses is difficult. However, those workers that deal with these issues responsibly are in better position to utilize the tools to overcome their work flaws, thus doing a better job and increasing their take home rewards.

The author also addresses dishonesty and what we can do about it. He explains the method to our madness of being prone to steal when cash is not involved. Cash ties in a directness to a person which is more prohibitive than not paying on charge accounts. Or, the idea that you would steal music off the Internet easily but wouldn’t consider shoplifting a CD from a store. I wonder are publishers going to have this problem with e-books in the future.

Dan Ariely’s Predictably Irrational is an easy-to-read cultural study. If you like reading Malcolm Gladwell, this might be a book for you.

Bookstore Keys: Borders’ Bonuses

By John

On March 30, 2011

In Newsworthy

It has been six weeks ago since Borders declared bankruptcy and announced the closing of more than 200 stores in an attempt to restructure their retail business model. I went to New Orleans to the beautiful Borders on St. Charles (a former funeral home) for the opening weekend of closing sales.

Borders is in the process of dumping heavily discounted books on the market. In local markets where this is taking place, retail book value is crashing for this limited time period until actual closing takes place. I presume that most of this devalued inventory was not paid for since inventory debt to the publishers is now frozen. Borders is able to raise their capital reserves since they did not pay for much of the product they are selling. (see previous blog with publisher debt figures)

Flooding these local markets in this way keeps readers from shopping the local independents. It seems to me that publishers are losing in two ways:

1. Unpaid-for inventories are being sold.

2. The lost sales by independents means less purchases from publishers, which means less paid-for inventory will be sold.

I completely understand the independents will be better off in the long run, but all are temporarily affected by Borders’ way of doing business.

Friday, March 25th Borders released a proposal to handout $8.3 million in executive bonuses. One would have to assume these monies would have to at least partially come from Borders dumping of devalued/unpaid-for books on the market.

I’m curious as to what deal Borders and the publishers will make next. Will the publishers play hardball with the the Borders transition? Whose demands will swing the most weight? How many unpaid dollars will Border’s use to try and restructure their tool box?

Bookstore Keys: The Experience of Holding a Book

By John

On March 15, 2011

In Newsworthy

Real physical books will continue to exist, if for no other reason, is that reading a physical book is practicing an art form.

The experience of holding a book, feeling its physicality and being hypnotized by its contents. The opening to read, closing to ponder and opening again to continue. Underlining, turning the pages down, personal code-marking important phrases and interpreting with your own reflections on the white space. Reaching the last page, then closing with the snap of accomplishment or just holding caught up in the meditation of afterthought and reflection, then maybe reviewing the dust jacket commentary.

Reading a book is transformative, it can be passing time or it can be a much more fulfilling experience. It’s special time with yourself. It’s a synapse of author’s ideas projecting into the reader’s thoughts. It’s fun and in many ways, creative. A wonderful reading experience is like looking at a painting and reaping the benefits of the transference of artist to viewer. The creativity of reading enhances and transforms our lives to a place beyond words. With such an abundance of exceptional benefits, I ask how could these experiences vanish?

I’m not naive enough to say books will exist forever, as change is always in motion. But for the foreseeable future I don’t believe e-books will replace the aesthetic experience of reading a physical book.

All believe we have to eat, some believe we have to read. Eating and reading are enjoyable needs and pleasures. Our value system helps us decide how we want to fulfill these needs. Our choices are reflected in our experiences.

Finishing a book is special. It becomes part of your life as it rests on your bookshelf. It watches you as you live around it. It’s always waiting to be held and remembered. Just like a fine painting or photograph in your house. It’s there to reflect upon. Its memories are part of your life and reflection is active and motivating.

The romance of a physical reading experience, time and place, and with whom are all apart of your own painting created while reading a book. The book’s aesthetic influence on your present is adapted from the past.

For me good beverage over a meal won’t cease to exist, neither will my experience of a good physical book. When conversation at the dinner table is interrupted with a dash to the bookcase to bring out a keepsake to share with a companion in a giving gesture, life is real. This is all about the art of our lives. The art of sharing ideas and joys celebrated in friendship.

I feel running to get your reading gismo to reflect yourself in the sharing experience rings creatively hollow.

The Bookstore Key Series on Changes in the Book Industry

Finding “Deep Time” in a Bookstore (March 8th) Reading The New Rules of Retail by Lewis & Dart (March 3) The Future Price of the Physical Book (Feb 18) Borders Declares Bankruptcy (Feb 16) How Great Things Happen at Lemuria (Feb 8th) The Jackson Area Book Market (Jan 25) What’s in Store for Local Bookselling Markets? (Jan 18) Selling Books Is a People Business (Jan 14) A Shift in Southern Bookselling? (Jan 13) The Changing Book Industry (Jan 11)

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Bookstore Keys: Reading The New Rules of Retail by Robin Lewis & Michael Dart

By John

On March 3, 2011

In Business/Economy

The New Rules of Retail is the most important book I’ve read on small business retailing since Paul Hawken’s Growing a Business nearly 25 years ago. A couple of other booksellers at Lemuria have also read New Rules. We all feel this book provides crucial insight as independent bookstores reposition in the book industry. To be a successful small business, you must understand the changes in your competitors. I believe New Rules sees the future.

Lewis and Dart begin by defining the three waves in the history of American retail.

Wave 1 (1850-1950): Marked by the power of the producer—producers distributed their products when and how they chose—“Build it and they will come.” Producers struggled to keep up with demand. Catalogs are delivered to the rural customer. Customers also begin to move from rural to urban areas. Sears & Roebuck targeted rural populations who had limited access to stores.

Wave 2 (1950-up to our present time): Marked by the evolution of category killers. From malls to big box stores, their strategy was to offer everything in one product category at discount prices. The markets became saturated and consumers were empowered with the superfluous selection. Sellers had to find a way to add value to differentiate it from their competitors. “Capitalism unbound.” Amazon’s distribution centers provide for an unfathomable variety of products.

Wave 3 (present time, early stages): Final shift from producer power to consumer power. Access to more and cheaper goods leads to quicker and easier access. Powered with information from the Internet, consumers have total power over what they buy and how much they pay for it. Consumers also begin to think about quantity versus quality. Who thought you could sell shoes online? Zappos does with unparalleled customer service.

The Great Recession has helped to cause a paradigm shift in terms of how customers value goods and services. This new understanding of value by the consumer proposes that price no longer equals value and that value is no longer determined by a price. This means that the customer is going through an epic transformation. The days of trying to get the customer to come to you are over; you have be in your customer’s world.

Customers are now beginning to redefine their consumer values. In doing so, they are self-actualizing their buying habits as they redefine what it means to be happy and satisfied. Buying habits show that customers are looking for experiences as opposed to accumulating more stuff. The experience—a neurological connection—must be unique and it also must be something that the customer has co-created with the seller.

Nobody understands value better than the customer. Talking to or at customers is fading as a neurological connection from retailer to actualized customer is growing. As a result, advertising and marketing are in a major transition stage.

Sweeping retail changes are just beginning. Entire industry structures are being reinvented and transformed. With customer actualization, the control of the value change is much more challenging.

The revolutionary transformation of retailing is just beginning. Here are just a few Lewis and Dart’s major predictions for Wave 3:

1. Fifty percent of retailers and brands will disappear because the business models cannot be changed.

2. The ultimate collapse of traditional retail/whole sale business model is now clearly visible.

3. Major box stores will roll out smaller localized neighborhood stores.

4. Amazon will open brick and mortar showrooms.

5. Box retail stores will become hybrid enclosed mini-malls. In the case of Barnes & Noble, I predict that real books may evolve to a second or third inventory tier.

I suggest that an independent book seller who wants to still be open in five years should read and study The New Rules of Retail. Lewis and Dart have helped Lemuria begin to restructure and redefine our community presence.

I feel that for every small retail business person, reading New Rules is a must. Use the work of Lewis and Dart to look inwardly at yourself and outwardly at your competition. A challenging message comes across loud and clear.

Collapse or Convert.

The New Rules of Retail: Competing in the World’s Toughest Marketplace by Robin Lewis & Michael Dart (Palgrave, 2010)

The Bookstore Key Series on Changes in the Book Industry

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Drive: The Suprising Truth about What Motivates Us

By John

On February 27, 2011

In Business/Economy

Drive: The Surprising Truth about What Motivates Us

by Daniel H. Pink

(Riverside, 2009)

Having been in small business for so long, I’m always facing issues of self-motivation: my drive to do my part in making a good bookstore; my drive to continue my book selling actualization while wanting to reaffirm the quality and customer service of my staff. To enhance my “mo,” I picked up Drive from my unread pile (which is too large) to explore.

Drive begins by reflecting on on the work of Abraham Maslow whose humanistic psychology was the beginning foundation of my earliest business concepts. Young, inexperienced, really stupid, and with no training, I started Lemuria, hoping one day to experience a degree of self-actualization from my work life.

Daniel H. Pink emphasizes creativity in the workplace. The role of management is to provide an environment that maximizes the intrinsic reward, not just financial. Pink analyzes worker rewards, stressing the need for employees to have the freedom to be creative. Work pleasure is not just solely determined by the dollar. Work fulfillment can be enlightening.

All of us want to meet our basic needs as we make decisions about financial goals. After certain monetary needs are met, however, we need to ask ourselves: How much is enough? How is our individual fulfillment going to be obtained?

Pink applies Mihaly Csikszentmihalyi’s flow concepts to the work environment. Being = creative flow provides maximum creation. A situation forming the maximum creative fire emerges and burns, thus providing an elevated work high.

Work is hard with so many monotonous demands put on time and energy. For me, self-motivation can be routine. However, when the lines of creativity cross with the correct business perceptions, activating the success button, job gratification occurs beyond words. At this point, internal smiles emerge.

My life’s drive has been reinforced by reading Pink’s Drive. Readdressing your value system is healthy–not in a rigid way, but with a peace of mind. For me, that peace of mind comes from the quieter moments spent with a drink on my porch, reflecting on the gratifying benefit of providing services and a lifestyle to loved ones. In those moments work results in a happiness high.

Lemuria, our bookstore, is facing a challenging book-selling climate. It’s fun to think about all of the humanistic reasons that brought Lemuria into being. The future is now, a time for all Lemurians to explore the creative force within.

Lemuria’s actualization has currently plateaued. Reading Drive, however, has made me want to redefine our goals and find our next plateau. Reading Drive could help keep the Lemuria book-selling wagon on the trail.

I can suggest Drive to readers who are looking for reaffirmation and have a desire to enhance their dedication to work and purpose.

Bookstore Keys: The Future Price of Physical Books

By John

On February 18, 2011

In Newsworthy

“I think that there will be a 50% reduction in bricks-and-mortar shelf space for books within five years, and 90% within 10 years. Bookstores are going away.” (Mike Shatzkin, Ideal Logical Co., The Wall Street Journal)

Obviously with Borders bankruptcy, much shelf space will be eliminated quickly. Now when you go into B & N you see book shelf space already vanishing into other non-book products. The new kid on the block, the e-book, seems to be growing up fast.

It’s tough to contemplate the price point of the physical book in the future. Lemuria, being a small bookstore, has little control over the list prices we can charge. Instead, our mission is to add value however and whenever we can by offering first editions, signed copies, and author appearances, etc. When price is discussed, I have very little control if I want to stay in business. Regarding Lemuria’s participation in the discount wars between big box bookstores and Amazon, I cannot even consider entering that competition.

Lemuria introduces the not-so-well known but award-winning author Mark Richard on February 22nd. To complement his new memoir, Lemuria has collected first editions of his early short stories, compared to Flannery O’Connor yet not widely read.

With the present climate change, Barnes & Noble, the T-Rex of the brick-and-mortar war, and the virtual Amazon, thriving in its own dimension selling an endless variety of products, are now in a Dino Dawg fight. (In the main ring, ladies and gentleman, the Nook vs. the Kindle!) I ask why should physical books continue to be discounted?

Can and will the retail price of physical books come down? Will the publisher begin to determine real value retail pricing on the books they present to be sold?

If retail prices come down and our book product can be valued properly, could we as an industry reinstate a more legitimate physical book value point? Can the price wars now be fought over the e-book? As real book selling space shrinks, we can offer more product legitimacy with more real value marketing for physical books. With cheaper retail list prices, can we create more customer confidence, causing more physical books to be sold?

Amazon is selling Kevin Brockmeier’s Illumination at 48% off the list price. Building on a years-long relationship, Lemuria hosts Kevin Brockmeier on February 23, supporting one of the most original voices of contemporary Southern literature.

When the discounting of retail list prices increased, many local community bookstores were squeezed out of the market and forced to close. For 18 years, I’ve been across the road from a box store which is erasing the value of the physical book. (I was told by mutual sales reps that the box was located across the street “to put me out of business.”)

Revaluing retail book prices could level the playing field again. Less discount influence from the big box bookstores would open the door for Lemuria to grow faster out of the “Great Recession” and our customers would see Lemuria improve more quickly in terms of becoming a more solid “reader” bookstore.

Lovers of Southern literature can buy Swampandia at Ridgeland’s Barnes & Noble for $19.96 or they can buy a signed first edition at Lemuria for the list price of $24.95 and meet one of the hottest new voices in Southern Literature, Karen Russell.

Projection: Suggested e-book prices may level off between 7 and 10 bucks. With e-book values so cheap, will book publishers begin to lower retail prices of the physical book so readers of the physical book won’t feel ripped off? By lowering retail prices, the marketing strength of the word “discount” will be lessened. Publishers please remember what too-high CD prices did to our community music stores.

Also, what about net pricing, where bookstores would get to mark up like most retailers? Our existent antiquated mark down from the retail price structure, helped caused our industry to get into this Amazon “loss leader” mess in the first place.

John Grisham books are a typical “loss leader” choice for big box book stores and Amazon. One use of a loss leader is to draw customers into a store where they are likely to buy other products. The vendor expects that the typical customer will purchase other products at the same time as the loss leader book and that the profit made on these items will be such that an overall profit is generated for the vendor, prostituting the book.

Such complexity won’t be solved soon. I believe that with retail price adjustment and fair valuing for retail pricing within our industry, Mr. Shatzkin’s forecast can be proven wrong. For the present, Lemuria will continue to add value to our books we sell, providing our community with the best services we can offer. I believe that with more legitimate retail pricing from the publishers, our bookstore can exist indefinitely.

The Bookstore Key Series on Changes in the Book Industry

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Bookstore Keys: Borders Declares Bankruptcy

By John

On February 16, 2011

In Newsworthy

Today Borders officially filed for Chapter 11 bankruptcy citing a debt of $1.25 billion and supposed assets of $1.275 billion. Publishers and distributors are owed some $230 million. Over the next few weeks, Borders will be closing 30% of its stores or about 200. No news yet that Flowood’s Borders will be one of those. (Scroll down for full list of publisher creditors.)

At the present time, interpreting future landscape of book selling is difficult.

My first question, asking myself, is where will all the books go that are now on Borders’ book shelves. As stores close, will inventory be shared to the remaining existing stores? A logical guess. Will an extensive amount of inventory be returned to the publishers to pay outstanding bills? How much of Borders’ unpaid bills will be written off by the publishers, thus causing more pressure to booksellers who pay their bills. Will huge closing sales take place across America increasing the already exorbitant discount of my product?

My big question is why the publishers let Borders escape from paying their bills on time? I cannot fathom the size of the bath the publishers will take. I ask why? It doesn’t seem that Borders’ continual deep discounting of books they aren’t paying for has helped our book selling cause. I feel this publisher tolerance has erased value on all levels of legitimate book selling.

Just this November, I made an envelope addressing mistake on a publisher’s address. My check was lost in the mail, my slight error could have been caught by an astute postman, but it wasn’t. My favorite publisher, the one I try to pay first and foremost on time, threatened to cut off my account. I was beginning to run 30 days past due. When hassled, I knew I wrote the check and mailed it as soon as I could. Stopped shipments from this company would have been disastrous for Lemuria’s Christmas season. Fortunately, intervention from inside company aids kept my account temporarily open, until my check was returned, address error corrected and check then resent, thus clearing up my problem. I must add, I still was not 60 days past due.

My point is why a small bookstore paying its bills regularly is hassled and threatened while Borders owes and refuses to pay such a huge amount. Why didn’t the publishers demand results from Borders sooner? They were sure quick to pull the trigger on me. It will be interesting to see how the publishers answer this question about their tolerance over the next few weeks.

As Borders falls, I hope the publishers learn from their mistakes. Maybe their philosophy will become one of supporting real book selling with team work, and local community book selling will be enhanced.

Publishers helping the bookstores that pay their bills to make more money could be a starting foundation to rebuild our industry.

Here is the full list of publisher creditors:

Penguin $41.1 million

Hachette Book Group $36.9 million

Simon & Schuster $33.75 million

Random House $33.5 million

HarperCollins $25.8 million

Macmillan $11.4 million

Wiley $11.2 million

Perseus $7.8 million

F+W Media $4.6 million

Houghton Mifflin Harcourt $4.4 million

Workman $4 million

McGraw-Hill $3.1 million

Pearson Education $2.8 million

NBN $2 million

Norton $2 million

Zondervan $1.9 million

Hay House $1.7 million

Elsevier Science $1.6 million

Publications Intl. $1.1 million

The Bookstore Key Series on Changes in the Book Industry

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Author: John (Page 7 of 19)

Greg Iles visits Lemuria

Younger Next Year by Chris Crowley and Henry S. Lodge, M.D.

Bookstore Keys: Independents on the Exposed End of the Titanic?

Predictably Irrational: The Hidden Forces that Shape Our Decisions

Bookstore Keys: Borders’ Bonuses

Bookstore Keys: The Experience of Holding a Book

Bookstore Keys: Reading The New Rules of Retail by Robin Lewis & Michael Dart

Drive: The Suprising Truth about What Motivates Us

Bookstore Keys: The Future Price of Physical Books

Bookstore Keys: Borders Declares Bankruptcy

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