Selling books is a tough business no matter where you are. The New York Times reported that the well-known British bookseller W.H. Smith is in dire straits. The bookstores are located everywhere in Britain, train stations, airports, on every corner. I’ve only been to England once, but of course I visited this chain while I was there. The Times reports: “Last week, the company became the target of a $1.7 billion takeover offer by a private equity group that, if successful, could result in the sale of some of its publishing businesses. Reports over the weekend indicated that another prospective buyer could join the bidding.”
Over the past six months, the bookseller has lost $149 million. The result is the “elimination of at least 270 jobs at its London headquarters and a retreat from Asia. Last year, W.H. Smith sold its 155 stores in 23 North American airports to the Hudson Group.”
