Article in the New York Times:
Book publishers and booksellers are full of foreboding — even more than usual for an industry that’s been anticipating its demise since the advent of television. The holiday season that just ended is likely to have been one of the worst in decades. Publishers have been cutting back and laying off. Houghton Mifflin Harcourt announced that it wouldn’t be acquiring any new manuscripts, a move akin to a butcher shop proclaiming it had stopped ordering fresh meat.
Bookstores, both new and secondhand, are faltering as well. Olsson’s, the leading independent chain in Washington, went bankrupt and shut down in September. Robin’s, which says it is the oldest bookstore in Philadelphia, will close next month. The once-mighty Borders chain is on the rocks. Powell’s, the huge store in Portland, Ore., said sales were so weak it was encouraging its staff to take unpaid sabbaticals.
Full article here.