The following is an excerpt from McSweeney's June update:
As you may know, it's been tough going for many independent publishers, McSweeney's included, since our distributor filed for bankruptcy last December 29. We lost about $130,000 -- actual earnings that were simply erased. Due to the intricacies of the settlement, the real hurt didn't hit right away, but it's hitting now. Like most small publishers, our business is basically a break-even proposition in the best of times, so there's really no way to absorb a loss that big.
We are committed to getting through and past this difficult time, and we're hoping you, the readers who have from the start made McSweeney's possible, will help us.
Over the next week or so, we'll be holding an inventory sell-off and rare-item auction, which we hope will make a dent in the losses we sustained.
So if you've had your eye on anything we've produced, now would be a great time to take the plunge. For the next week or so, subscriptions are $5 off, new books are 30 percent off, and all backlist is 50 percent off. Please check out the store and enjoy the astounding savings, while knowing every purchase will help dig us out of a big hole.
Many of our contributors have stepped up and given us original artwork and limited editions to auction off. We've got original artwork from Chris Ware, Marcel Dzama, David Byrne, and Tony Millionaire; a limited-edition music mix from Nick Hornby; rare early issues of the quarterly, direct from Sean Wilsey's closet; and more. We're even auctioning off Dave Eggers's painting of George Bush as a double-amputee, from the cover of Issue 14.
I hate to be alarmist, but, well, I'm alarmed. Think I'll surf over to McSweeney's now and see what I "need."