Bookworms, we have some really sad news.
The Book People, who have been lauded by parents all over the UK for their amazing range of books for all ages, at incredible prices, has gone into administration a week before Christmas, leaving 400 jobs at risk.
The administrators have said that there will be no immediate job losses and that Christmas orders will continue to be fulfilled – we hope that they’re able to recover from this and keep their staff in work! The Book People launched the Big Book Boost programme, which aimed to donate more than a million books to schools by 2020 – reading is so important for our children’s education, and any company that is so supportive of this should be supported in staying afloat.
70% of The Book People’s sales are online (they also do pop-up sales for schools and businesses which generates the other 30% of revenue), but the heavy competition from retail giant Amazon is thought to have created a ‘difficult trading environment’ leading to the company’s £33 million of debts.
Toby Underwood, joint administrator and a partner at PwC, has said that The Book People will continue to trade as a rapid sale of the business was looked into. He’s also said…
“I appreciate the obvious concerns that staff in particular will have as we move towards Christmas. While the administrators have funding to meet the payroll for December, the longer-term prospects for the business, staff, customers and suppliers will clearly be dependent upon whether a sale can be secured.”
We hope that a resolution is found, and that The Book People is able to continue trading.
Love from Katie & Team BBY. Xx