Is that in line with reports you’re seeing? Publishing Perspectives: Our understanding is that Saraiva has already shut down 20 of its stores. My personal view is that Cultura is going to need to have to “run” all over again if it comes out of this situation at some point, just to “catch up” with competitors that, I believe, are going to become bigger and get market share now. The picture points to middle-size and smaller booksellers taking over some share of Livraria Cultura. Ricardo Costa: Livraria Cultura is one of the top five on the market and, of course, its economic situation comes with hard impact on the market. We start by asking Costa if he can give us a little context on the stress reported by these retail outlets and the potential effect on the Brazilian market. In order to get a better picture of the situation on the ground, Publishing Perspectives has asked our colleague there, Ricardo Costa, managing director of the Metabooks Brasil platform, to give us some insight on the situation. Taken together, Cultura and Saraiva are said to have more than 100 retail locations, making them collectively the sales points for as much as 40 percent of books in Brazil. The company reports having a debt of 92 million reals (US$24.7 million) atop previous debt loads. In the case of Cultura, a court has accepted the store’s request for “judicial recovery”-in essence a “chapter 11” style filing-with a start next month. This, in addition to what media reports say is 120 million reais (US$32.1 million) tied up in bank credit lines has prompted the chain to announce the closures of 20 stores. On Wednesday (November 7), publishers looked at reports that Sariava, the largest of the country’s bookstores, has a debt in excess of 485 reais (US$130.1 million). The National Syndicate of Book Publishers (SNEl) is looking at how it might intervene as a collective in the challenges faced by Livraria Cultura and Saraiva. Image: LCīy Porter Anderson, Editor-in-Chief | ‘A Better Future for the Book Market’ A report from the business staff at Exame tells us that Brazilian publishers are meeting this week to discuss the suddenly acute plight of two of the nation’s largest bookstore companies. At the São Paulo Iguatemi location of Livraria Cultura.
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