Here is some sweet music for children's writer's ears:
Executives said Borders will continue to focus on improving its cash flow and profitability while trying to reassert itself as the bookseller for "serious readers." It also will beef up some underdeveloped product categories such as cooking and children's books and move away from unprofitable categories like music, Chief Executive Ron Marshall told The Associated Press Tuesday.
Now don't start whistling Dixie too quickly, Borders is still in financial trouble and both Borders' executives and Wall Street analysts predict a 2009 sales drop. However, Borders now has a plan and Wall Street has stopped humming a dirge.
As AP reports, Deutsche Bank wrote in an analyst note that the company's recent financial improvements, including a deal to extend its $42.5 million senior secured-term loan by a year, has given Borders some "breathing room" for the fiscal year. But Deutsche Bank said the company needs to focus its efforts primarily on a recovery plan to boost sales.
And Borders is doing just that....
"All in all, we are doing whatever is necessary to get back on firm financial footing," Marshall said Wednesday in a conference call with investors. "That said, we understand you can't save our way to prosperity. We must sell our way to success."
So KEEP WRITING! KEEP CREATING! KEEP DREAMING! and GOOD LUCK, BORDERS. We are all rooting for you!
Click here to read the full article at SALON.COM
Modified to add: For more positive signs in the children's bookselling arena, check out Elaine Magliaro's April 2nd post at Wild Rose Reader: Boston Globe Article: Independent Bookstores Holding Up vs. Big Rivals.
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