Word: harcourts
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...company, has been able to slash one-third of its $6 billion debt by selling coal mines, refineries and even its headquarters. But these sell-offs become less attractive as too many companies rush to unload assets. With so much merchandise on the block, prices have been depressed. Harcourt Brace Jovanovich, which incurred heavy debts fighting off a takeover bid, sold its Sea World theme parks last year for $1.1 billion, about $400 million less than many analysts expected. The market is expected to deteriorate further, which may force some companies to sell even more assets to raise the cash...
...pared its work force by some 6,000 workers, to 109,000. Businesses are also reducing overhead by cutting expenses and perks. Marriott, the highly leveraged hotel chain, recently instituted a salary freeze of up to one year for senior managers and three months for administrative and clerical help. Harcourt sold off its fleet of corporate jets and got rid of its chauffeur-driven limousines...
...retire, you're finished," a crusty William Jovanovich often told his nail-biting subordinates. Yet last week, after 34 years at the helm of book-publishing giant Harcourt Brace Jovanovich (1989 sales: $1.8 billion), the 70-year-old iconoclast finally buckled. He passed his chairmanship to HBJ board member John Herrington, a former U.S. Energy Secretary. "The burden was too great, and Bill had had enough," explains another director. "He was also getting...
Stocks have been slammed too. Harcourt Brace Jovanovich, a publishing company that borrowed $2.1 billion last May to repel a takeover attempt by British tycoon Robert Maxwell, has suffered a slump in its stock price from 5 to 2 just since Jan. 1. Time Warner, which has nearly $11 billion in debt from Time Inc.'s acquisition of Warner Communications, has seen its stock fall from 124 at the beginning of the year to 103 1/8 last week. The shares of Stone Container, a paper manufacturer that borrowed $2.2 billion to buy a Canadian competitor last March, have declined from...
Standard author royalties are 15 percent of the publisher's price to bookstores, or around 12 percent of the price charged individual consumers, according to spokespersons for Addison-Wesley and Harcourt Brace Javonovich, two prominent publishers of academic books. Authors with a proven track record of strong sales, however, can command higher royalties, they added...