Quotulatiousness

March 12, 2023

“Indigo is no longer a bookseller but a general merchandiser with a sideline in books”

Filed under: Books, Business, Cancon — Tags: , , — Nicholas @ 05:00

In the latest edition of the SHuSH newsletter, Ken Whyte looks at the dismal financial (and technological) picture for Indigo in the Canadian market:

“Indigo Books and Music” by Open Grid Scheduler / Grid Engine is licensed under CC0 1.0

As you’ve heard, the bookselling chain was hacked, its employment records held for ransom. Indigo (rightly) refused to pay and the hackers are now expected to release the employees’ personal data on the dark web.

This all started a month ago. The company’s website went down along with its in-store credit and debit systems. The payment systems came back after about ten days. A new website was built and launched at the beginning of March. It is a much-reduced site with a much reduced catalog of books.

The repercussions will be enormous for both Indigo and the publishing community.

One of the things overshadowed by the hacks was the release of Indigo’s third-quarter results, covering the crucial holiday season. As we’ve noted before, the company’s finances are unsettling. It lost $37 million in 2019, $185 million in 2020, and $57 million in 2021. Things looked somewhat better in 2022 with a $3 million profit, but the first two quarters of 2023 (Indigo has a March 28 year-end) showed a loss of $41.3 million, about $10 million worse than in the first two quarters of the previous year.

The hope was that a blockbuster holiday season would get Indigo’s year back on track.

It didn’t happen. Revenue for Q3 2022 came in at $423 million, down $8 million from last year, with pre-tax profits of $36 million, down from $45 million last year.

After three quarters, Indigo now stands at an $8 million loss. The company’s fourth quarter, covering the first three months of the calendar year, is usually terrible (all retail suffers in the deep of winter). If this fourth quarter goes like the last, Indigo will be looking at a $30 million loss for its full year. But this fourth won’t go like the last because of the hack. I have no idea what it will cost in terms of lost sales and unexpected expenditures (or what will be covered by insurance). It’s hard to imagine the company not doing worse than $30 million after such a catastrophic event.

Most of Canada’s mid-size to large publishers sell somewhere between 25 percent and 60 percent of their books through the chain. The outage will hurt revenue for both publishers and authors. If there’s a silver lining here, it’s that it occurred in a dead season. But the knock-on effects will be substantial. I’m told Indigo has no visibility into its store sales or current stock levels across the chain. It’s being very cautious about bringing in new books apart from the most in-demand titles. Publishers I’ve spoken to say sales to Indigo are down and they expect returns to be large and late. (Booksellers send unsold inventory back to publishers for full refunds and the bulk of these come in the months after the holidays).

By the way, the latest results showed that Indigo is no longer a bookseller but a general merchandiser with a sideline in books. Blankets and cheeseboards accounted for more than 50 percent of the company’s total revenue over the holidays. Print was 46 percent, down from 54 percent earlier in 2022 and 67.4 percent eight years ago. The movement away from bookselling is picking up steam. I hope you like Amazon because it and the few independent bookstores Chapters/Indigo hasn’t manage to kill will be all that’s left of Canadian bookselling before very long.

Zhukov hits the Ground Running – WW2 – Week 237 – March 11, 1944

World War Two
Published 11 Mar 2023

The Soviets launch not one, not two, but three offensives in Ukraine this week, designed to destroy the entire southern wing of the German forces. The Japanese counterattack against the Americans on Bougainville finally begins after months of preparations, but there are more Japanese attacks elsewhere that get going: the operation to invade India.
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The young British officer’s attitude toward his men

Filed under: Books, Britain, History, Military, WW1 — Tags: , , , , — Nicholas @ 03:00

Dr. Robert Lyman has been working on pulling together various newspaper and magazine articles written by Field Marshal William Slim before the Second World War, to be published later this year. I believe this will include everything he included (in shorter form in some cases) in his 1959 book Unofficial History plus many others. In this excerpt from “Private Richard Chuck, aka The Incorrigible Rogue”, Slim recounts taking command of a company of recent conscripts while recuperating from wounds received earlier in WW1:

“Light duty of a clerical nature,” announced the President of the Medical Board. Not too bad, I thought, as I struggled back into my shirt. “Light duty of a clerical nature” had a nice leisurely sound about it. I remembered a visit I had paid to a friend in one of the new government departments that were springing up all over London at the end of 1915. He had sat at a large desk dictating letters to an attractive young lady. When she got tired of taking down letters, she poured out tea for us. She did it very charmingly. Decidedly, light duty of a clerical nature might prove an agreeable change after a hectic year as a platoon commander and a rather grim six months in hospital. Alas, after a month in charge of the officers’ mess accounts of a reserve battalion, with no more assistant than an adenoidal “C” Class clerk, I had revised my opinion. My one idea was to escape from “light duty of a clerical nature” into something more active. Reserve battalions were like those reservoirs that haunted the arithmetic of our youth — the sort that were filled by two streams and emptied by one. Flowing in came the recovered men from hospitals and convalescent homes and the new enlistments; out went the drafts to battalions overseas. When the stream of voluntary recruits was reduced to a trickle the only way to restore the intake was by conscription, and this was my chance.

It had been decided to segregate the conscripts into a separate company as they arrived. I happened to be the senior subaltern at the moment and I applied for command of the new company. Rather to my surprise, for I was still nominally on light duty, I got it. The conscripts, about a hundred and twenty of them, duly arrived. They looked very much like any other civilians suddenly pushed into uniform, awkward, bewildered, and slightly sheepish, and I regarded them with some misgiving. After all, they were conscripts; I wondered if I should like them.

The young British officer commanding native troops is often asked if he likes his men. An absurd question, for there is only one answer. They are his men. Whether they are jet-black, brown, yellow, or café-au-lait, the young officer will tell you that his particular fellows possess a combination of military virtues denied to any other race. Good soldiers! He is prepared to back them against the Brigade of Guards itself! And not only does the young officer say this, but he most firmly believes it, and that is why, on a thousand battlefields, his men have justified his faith.

In a week I felt like that about my conscripts. I was a certain rise to any remark about one volunteer being worth three pressed men. Slackers? Not a bit of it! They all had good reasons for not joining up. How did I know? I would ask them. And I did. I had them, one by one, into the company office, without even an N.C.O. to see whether military etiquette was observed. They were quite frank. Most of them did have reasons — dependants who would suffer when they went, one-man businesses that would have to shut down. Underlying all the reasons of those who were husbands and fathers was the feeling that the young single men who had escaped into well-paid munitions jobs might have been combed out first.

[…]

We had now advanced far enough in our training to introduce the company to the mysteries of the Mills bomb. There is something about a bomb which is foreign to an Englishman’s nature. Some nations throw bombs as naturally as we kick footballs, but put a bomb into an unschooled Englishman’s hands and all his fingers become thumbs, an ague affects his limbs, and his wits desert him. If he does not fumble the beastly thing and drop it smoking at his — and your — feet, he will probably be so anxious to get rid of it that he will hurl it wildly into the shelter trench where his uneasy comrades cower for safety. It is therefore essential that the recruit should be led gently up to the nerve-racking ordeal of throwing his first live bomb; but as I demonstrated to squad after squad the bomb’s simple mechanism, I grew more and more tired with each until I could no longer resist the temptation to stage a little excitement. I fitted a dummy bomb, containing, of course, neither detonator nor explosive, with a live cap and fuse. Then for the twentieth time I began!

When you pull out the safety-pin you must keep your hand on the lever or it will fly off. If it does it will release the striker, which will hit the cap, which will set the fuse burning. Then in five seconds off goes your bomb. So when you pull out the pin don’t hold the bomb like this!’

I lifted my dummy, jerked out the pin, and let the lever fly off. There was a hiss, and a thin trail of smoke quavered upwards. For a second, until they realized its meaning, the squad blankly watched that tell-tale smoke. Then in a wild sauve qui peut they scattered, some into a nearby trench, others, too panic-stricken to remember this refuge, madly across country, I looked round, childishly pleased at my little joke, to find one figure still stolidly planted before me. Private Chuck alone held his ground, placidly regarding me, the smoking bomb, and his fleeing companions with equal nonchalance. This Casablanca act was, I felt, the final proof of mental deficiency — and yet the small eyes that for a moment met mine were perfectly sane and not a little amused.

“Well,” I said, rather piqued, “hy don’t you run with the others?” A slow grin passed over Chuck’s broad face.

“I reckon if it ‘ud been a real bomb you’d ‘ave got rid of it fast enough,” he said. Light dawned on me.

“After this, Chuck,” I answered, “you can give up pretending to be a fool; you won’t get your discharge that way!”

He looked at me rather startled, and then began to laugh. He laughed quietly, but his great shoulders shook, and when the squad came creeping back they found us both laughing. They found, too, although they may not have realized it at first, a new Chuck; not by any means the sergeant-major’s dream of a soldier, but one who accepted philosophically the irksome restrictions of army life and who even did a little more than the legal minimum.

Jack Benny and Mel Blanc – The Man of a Thousand Voices | Carson Tonight Show

Filed under: History, Humour, Media, USA — Tags: , , — Nicholas @ 03:00

Johnny Carson
Published 18 Nov 2022

Original Airdate: 01/23/1974
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QotD: Philosophy

Filed under: Humour, Quotations — Tags: , , — Nicholas @ 01:00

There is nothing so absurd that some philosopher has not said it, said Cicero two millennia ago, so perhaps my feeling was mistaken that, for the first time in history, we have reached a stage of absurdity in which a reductio ad absurdum is no longer viable as a rhetorical maneuver, for there is nothing so absurd that everyone recognizes it as such. On the contrary, one man’s absurdity is another man’s possibility or even truth. Nothing can be ruled out without argument.

Theodore Dalrymple, “Street-Corner Semantics”, Taki’s Magazine, 2018-06-30.

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