As if you needed a further reminder that the economy is in a slump, IcV2 is reporting that the country’s two largest book chains, Border’s and Barnes & Noble, expect a very tough holiday season and have cut their graphic novels buys for November and December by 30 to 60 percent:
Leonard Riggio, chairman of Barnes & Noble, said that the chain was “bracing for a terrible holiday season” in an internal memo to employees published by the Wall Street Journal. “Never in all the years I’ve been in business have I seen a worse outlook for the economy,” the memo said. “And never in all my years as a bookseller have I seen a retail climate as poor as the one we are in. Nothing even close.”
Riggio goes on to state that the company is well-positioned to survive the current economic climate, though Border’s which is facing greater debt problems, might not be as lucky.