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Posts Tagged ‘Borders’

Great Gigs for Borders Employees

As GalleyCat previously reported, Borders Group is preparing for liquidation, which will close the company’s remaining 399 stores and leave roughly 10,700 employees out of work.

We’re always posting about new job opportunities, but thanks to an interesting topic of discussion posted by Penguin Group’s Colleen Lindsay about helping those soon-to-be unemployed workers, we decided to draw attention to several openings that might be of interest to Borders employees.

For instance, Bauman Rare Books is looking for a well-read bookseller in Las Vegas, while Oxford University Press is in the market for an online editor. Lindsay’s company, Penguin, is currently on the hunt for an eBook Producer/managing editor in its New York office. These are just a few of the job openings we’ve seen this week on the mediabistro.com job board. Read more

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Najafi Companies in Negotiations with Borders

Najafi Companies, an investment firm headed by Jahm Najafi, has expressed an interest in purchasing Borders’ 265 superstores, website operations and customer lists.

According to The Wall Street Journal, the firm has had past dealings in the publishing industry. In 2008, Najafi picked up Direct Brands Inc., company that owns the following brands: the Book of the Month Club, the DoubleDay Book Club, and Columbia House DVD.

Here’s more from the investor’s site description: “Najafi Companies is an International private investment firm based in Phoenix, Arizona. The firm makes highly-selective investments up to $1 billion in transaction value in companies with strong management teams across a variety of industries, and often in industries out of popular favor.”

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Borders Counts ‘Several Bidders’

Judge Martin Glenn granted Borders an extension to finalize its reorganization plans following news that “several bidders” are interested in the bookstores.

Here’s more from The Detroit News: “Several bidders are interested in buying the bulk of Borders’ stores, lawyer Andrew Glenn said Thursday at a hearing in U.S. Bankruptcy Court in Manhattan. Glenn said he couldn’t discuss the details of any offers, but indicated the company hopes to complete a sale within two to four weeks.”

What do you think? The bids include a proposal from The Gores Group for approximately $200 million. When CEO Mike Edwards spoke with AnnArbor.com, he did stress that “publishers are going to make or break our ability to transform this company at the end of the day.” (via Publishers Weekly)

Gores Group Reportedly Bids on 200+ Borders Stores

The Gores Group, an investment firm headed by Alec Gores, has expressed an interest in purchasing half of Borders’ 405 brick and mortar stores.

According to The Wall Street Journal, this investment would allow Borders to continue to operate its business mostly intact. The called the Gores Group a “distressed investor”–a firm that buys ailing companies and rebuilds them.

Here’s more from the investor’s site description: “Since its inception, Gores has acquired 60 companies worldwide with combined revenues in excess of 15 billion dollars. Currently, Gores has 2.7 billion dollars in equity under active management.”

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Borders to Offer Free Shipping to Customers

Borders’ CEO Mike Edwards has written an email to the 41 million members of the Borders Rewards loyalty program. In his note, Edwards promised customers that if they can’t find a desired book in a Borders store, the bookseller will order it and priority ship it free of charge to the customer’s home.

According to AnnArbor.com, this free service will be available until June 12th. The article offered this quote from the email: ”I hope you visit your neighborhood Borders and find that special book that speaks to you personally … It’s our way of showing our appreciation for your continued support and loyalty.”

Currently, Borders continues to struggle to reach an agreement with publishers about future book shipments. As we noted earlier, Edwards emphasized that Borders’ ability to weather the crisis is dependent on the support of publishers. What do you think?

Borders CEO: ‘Publishers Are Going to Make or Break Our Ability To Transform This Company’

Earlier this week, Borders CEO Mike Edwards spoke with AnnArbor.com about the current status of the company as well as its plans for the future.

Edwards explained in the article : “All I can tell you is that we are here fighting to the end. We know we have a business plan that works, but it requires a lot of support to get it there, and our publishers are going to make or break our ability to transform this company at the end of the day.”

Edwards emphasized that Borders’ ability to weather the crisis is dependent on the support of publishers. He also spoke about the factors that lead to bankruptcy, the bonuses for executives, and office morale. Do you think Borders will be able to recover before the end of 2011?

Borders Reportedly Needs $50M More

Struggling bookseller Borders reportedly needs to secure $50 million in additional financing for reorganization efforts. Currently, it has a $505 million debtor-in-possession loan.

According to Bloomberg, the company projects that sales will drop to $1.5 billion. The New York Times reported that some publishers think the bookseller may close more brick-and-mortar stores.

Here’s more from the article: “Some publishers are spurning the reorganization the chain proposed to them privately, said a person familiar with the publishers’ strategy. At least one deems the revenue projections unrealistic because Borders no longer has enough stores to generate those sales, said the person, who declined to be identified because Borders’s presentations aren’t public.” (via BookTV)

Borders Has Lost 47 Corporate Employees Since Bankruptcy

Borders.GIF After delaying its annual report, Borders revealed in court documents that dozens of corporate employees have quit since the struggling bookseller filed for bankruptcy.

The Detroit News has the scoop: “Of the 47 employees who left the ailing Borders Group Inc. since it declared bankruptcy on Feb. 16, two dozen quit this month, Borders’ attorneys said in court documents. The departure of two unnamed executives — a senior vice president and a vice president — earlier this month leaves 15 people in senior management positions.”

The company has felt this staffing crunch. Last night Borders revealed that it will not make its annual report filing deadline for the SEC. The filing explained: “the Company has been required to devote a substantial portion of its personnel and administrative resources, including the personnel and resources of its accounting and financial reporting organization, to matters relating to the Chapter 11 Cases.”

Bitter Borders Signs Go Viral

Buzzfeed rounded up photographs of homemade signs posted at soon-to-be-closed Borders around the country (including the photo embedded above from ShoottheJ)–earning nearly 17,000 views in a single day.

Check it out at Buzzfeed: “At least it’s justified bitterness manifesting in the form of some awesome passive aggression. Since filing for bankruptcy, Borders Books has been shutting down stores like they’re going out of business style. Not all the employees are taking it well. But when you’ve got nothing to lose, humor and irony reign supreme.”

Last week, we posted a Borders sign that generated 280 comments from readers. Earlier this week, eBookNewser posted a photo of a sarcastic sign outside of another closing Borders.

Gloomy Humor at Borders Bookstores

As Borders around the country host  going-out-of business sales, readers have sent in photographs of gloomy humor at the struggling bookseller.

Above, we’ve embedded a Borders going-out-of-business photo from a Reddit user that generated 280 comments from readers. Earlier this week, eBookNewser posted a photo of a sarcastic sign outside of another closing Borders.

Yesterday The New York Times reported that the company’s bankruptcy plan has faced criticism: “[P]ublishers characterized the plan as unrealistic and said they were more convinced than ever that Borders would be forced to sell itself or liquidate.”

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