As we reported, Walmart (WMT) recently slashed book prices online, slashing the cover price of the top 10 pre-selling titles to $10 apiece–sweetening the deal with free shipping. This move touched off a book discounting war in between Amazon.com (AMZN), Walmart, and finally, Target (TGT). At one point, prices sank below $9 for a new hardcover.
Here’s more from Grisham (pictured, via), from the article: “[The price] enables me to make a royalty, the publisher to make a profit and the bookstore to make a profit … If a new book is worth $9, we have seriously devalued that book … It’s a free market–there’s no legal case … I’m not itching to sue Amazon or Wal-Mart…they sell a lot of books. But the future is very uncertain with books.”