The Bookseller’s Graeme Neill reports that publishers will be last in line to receive any money owed to them by Fopp, which went into administration last week. Books held within the 50 Fopp stores and 31 Music Zone branches will remain there until the administration process is completed over the next few weeks. Publishers own the stock that fell under sale or return terms, while the administrators own the stock that Fopp had bought firm sale. Under the terms of administration, staff will receive money owed first, then the banks, then suppliers.
In related news, Waterstone’s has hired Fopp book buyer and ex-Waterstone’s Piccadilly manager Sarah Callaghan to work initially on children’s books within its commercial team.