Penguin Random House Announces Extended Payment Plan for Independent Bookstores
Effective May 1, 2021, independent bookstores in the U.S. will receive an additional month to pay their Penguin Random House invoices. This extended payment plan will become effective with all titles in the May invoice cycle, including initial orders for May titles and reorders placed during the May billing cycle.
“In our conversations with publishers, ABA has been stressing the importance of helping booksellers with cash flow,” said Allison Hill, chief executive officer of the American Booksellers Association. “We appreciate that Penguin Random House is listening and responding with a payment plan that supports all independent bookstores.”
Penguin Random House U.S. President of Sales Jaci Updike said of the announcement, “We have been listening carefully to what kinds of support will be most helpful to indies in 2021, especially those who have been struggling during the pandemic and what we hear most consistently is that small businesses need flexibility, and the ability to manage their invoices and split payments in different ways during times of uncertain cash flow.”
“We believe there is no one-size-fits-all, cookie-cutter approach to independent bookstores,” continued Updike. “Different stores have different needs, and this new plan provides indies with the time and opportunity to design a monthly schedule that works best for them.”
The extended payment plan will cover all titles that appear on Penguin Random House invoices, including DK and Penguin Random House Publisher Services. Independent booksellers can contact their Penguin Random House credit representative for additional information.
“It will take new thinking — innovation; technology, like Batch; extended payment plans; increased margins; and streamlined systems — to help the indies get back on track and, more importantly, to grow,” Hill said. “I appreciate that publishers are recognizing how important the channel is to their authors and to their business and committing to that future.”