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Written by John Coviello
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Tuesday, 18 January 2011 20:07 |
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Toy giant (and WotC parent) Hasbro announced that its Q4 2010 sales did not meet expectations, and were down vs. the previous year. The company said that its Q4 sales were $1.3 billion in 2010 vs. $1.5 billion in 2009, due to declines in U.S. and Canada net revenues (international revenues were up). It attributed the decline in revenues to a decline in U.S. consumer demand late in Q4.
As a result of the Q4 sales decline, Hasbro’s full year sales were also down in 2010 vs. the previous year. Earnings are still expected to be up (due to expense control) by a modest amount. |
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Written by John Coviello
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Tuesday, 18 January 2011 20:00 |
Borders has retained bankruptcy (and restructuring) counsel Kasowitz Benson, Torres, & Friedman to advise the company as it attempts to restructure its debt, according to the Wall Street Journal. The company is trying to stay out of bankruptcy court, according to the report. It would not be unusual for a company to hire bankruptcy counsel even if it hopes not to file, so that it can conduct its business in such a way so that if it does have to file, it has taken the proper steps. Bankruptcy counsel can also advise the company on how to use the threat of bankruptcy to extract concessions from its creditors.
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Read more...
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Written by John Coviello
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Thursday, 13 January 2011 10:07 |
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Click on the 'Read more' link below to see ICv2's picks for the Top 10 Hobby Games Business Events of 2010, based on their assessment of long term impact.
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Read more...
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Written by John Coviello
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Sunday, 09 January 2011 17:01 |
Barnes & Noble provided more details last week on its holiday sales. Earlier this week the company reported that its same store sales were up 9.7% for the 9-week holiday season . Sales of toys and games, an area of increased emphasis for B&N this year, were up 48% for the holiday season. Not much detail has been given on sales of books, B&N’s core business. The company is touting its sales of Nook e-readers and digital books. Of books, the company said only “physical book sales, especially hardcover books, were better than expected.” |
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Written by John Coviello
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Monday, 27 December 2010 10:36 |
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 A former Wizards of the Coast employee has been charged with felony theft for allegedly stealing $45,000 worth of Magic: The Gathering promotional cards, according to SeattlePI. The theft came to light when large numbers of promo cards were spotted being offered by a Burien, Washington retailer at a Portland convention. The retailer ended up turning over 1700+ cards worth nearly $45,000 at market prices to WotC.
The cards were allegedly stolen from a Wizards of the Coast storage locker to which former employee Donald Henry had access. Henry has been charged but not jailed in the case.
Wizards of the Coast is stepping up its efforts to keep promotional cards from falling into the wrong hands; the company also sued and settled with tournament organizers accused of diverting cards earlier this year (see WotC Gets $100K). |
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Last Updated on Monday, 27 December 2010 10:52 |
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