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Posts Tagged ‘Borders’

Pop-Up Bookstore To Open in Shuttered Borders

On  April 30th, Fleeting Pages will open a pop-up bookstore inside a shuttered Borders bookstore in Pittsburgh.

The space will be stocked with independent and self-published writings: books, journals, zines, graphic novels, comics, magazines, e-Books, and book art. Follow this link to submit your work. The store will be open for at least one month.

Bagging the Beats at Midnight: Confessions of an Indie Bookstore Clerk author Karen Lillis explained: “They will sell books by indie presses and self-publishers; hold book-making workshops, readings, and other events; and are open to other suggestions by writers and artists in the indie community.” (Photo Credit: ZeroOne)

Borders Hopes To Pay $8M+ in Executive Bonuses

Borders.GIFThe Wall Street Journal broke the news that Borders hopes to pay more than $8 million in executive bonuses. The bonuses were outlined in paperwork filed with federal bankruptcy court.

Here’s more from the article: “Seventeen top executives are covered by the largest program, which could add as much as $7.1 million to the pay packets of leaders who stick with the company in bankruptcy. Court papers say 70% of the group have been with the company less than 18 months, and many joined Borders less than a year ago.”

On the question and answer network Quora, former Borders merchandising strategy and analytics director Mark Evans outlined six reasons why Borders went bankrupt. Earlier this month, the company decided to close 28 more stores.

Borders To Close 28 More Stores


View Borders Store Closures Round 2 in a larger map

This week Borders added 28 new stores to the list of bookstores they will close during bankruptcy proceedings.

eBookNewser contributor Nate Hoffelder created a Google Map linking to all the soon to be closed stores–the map is embedded above. Read the whole list here (PDF link); the new closures are highlighted in red.

Here’s more about the map: “This is a map of 28 more closing stores that Borders announced on 17 March. These stores will close in late May.”

Barnes & Noble Still Seeking Buyer As Stock Dips

Barnes & Noble began seeking buyers in August, but has yet to seal the deal. According to Reuters, the company stock price hit a two-and-a-half year low at the beginning of this week.

Chairman Leonard Riggio has said in the past that he would consider assembling an investment team to buy the company. In the article, retail analyst Mike Souers speculated that this kind of private takeover might be the only buying option.

Earlier this year, the bookseller suspended its quarterly dividend payments and made  staff lay-offs. Last September, the company survived a courtroom board battle.

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Borders Liquidation Sales Start Tomorrow

Borders.GIFStarting tomorrow (February 19th), 200 Borders stores will host going out of business sales in 35 states–liquidating $350 million in inventory.

“With limited exceptions,” all items will be sold at 20 to 40 percent discounts. Hilco Merchant Resources, LLC, Gordon Brothers Group, SB Capital Group, LLC, and Tiger Capital Group will help the bookseller manage the liquidation process. Borders filed for bankruptcy earlier this week.

UPDATE: eBookNewser has more about allegations of bounced paychecks from a LiveJournal user group for Borders employees. To help book buyers, writer Edward Champion has compiled an inspiring list of Independent Alternatives to Closed Borders Bookstores.

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Reading Program Launched for Hispanic Heritage Month

The Association of American Publishers announced that it has joined forces with Las Comadres Para Las Americas, an informal internet-based group that meets monthly in over 50 US cities and growing, to build connections and community with other Latinas, to launch Reading with Las Comadres. The program is the cornerstone of the two organization’s support of September’s Hispanic Heritage Month. In the initial phase of the program members of Las Comadres will read one book per month, with the selected authors featured in teleconferences so that Comadres can learn more about the inspiration behind their works.

The first selection is DANCING WITH ALMENDRA by Mayra Montero which will be read by the Las Comadres New York City book club with expected additional book clubs across the country. On the selection, Nora Comstock, President of Las Comadres notes, “We chose this book because, like all of Mayra’s work, it touches on greater themes but lives in the world of its characters. You are instantly engrossed and charmed by the first page, gorgeous language, pulsing characters, and a touch of magical realism.” The New York City Book club will meet in person on Thursday, September 20th at the Columbus Circle Borders branch with the author teleconference scheduled the same week.

10 Months In, A Tepid Response to the Sony Reader

The Sony Reader may have arrived with serious splash ten months ago, but as Business Week reports, reviews of the tiny handheld book-reading device have been tepid at best, and Sony has consistently declined to release sales figures, which just might tell you something. Many users say they are unhappy with the interface (too many buttons and not intuitive) and complain that books for the Reader can only be purchased at Sony’s online service, Connect. Less than a tenth of the titles on the shelves of your average Barnes & Noble or Borders are available at Connect. Lisa Phillips, a vice-president at Random House Direct who received her Sony Reader as a gift last December, is turned off by Sony’s closed system. “An open format where you could go to different places and not just use their system would be helpful,” she says.

So Sony has decided to roll out with a few bells and whistles, especially on the marketing front. The price has been cut by $50 and Sony is offering new buyers, who are also registered Connect users, credit for 100 free classic titles, such as GREAT EXPECTATIONS and MOBY DICK. “In terms of timing, with people going back to school, there is a lot of interest in classic literature,” said Jim Malcolm, director of marketing for Sony Electronics. “It gives people an incentive to buy.” They also plan a more targeted approach to travelers instead of the broad-based campaigns of old. But will it work? With Amazon fast approaching with its own reader, Kindle, Sony might be left behind – or the battle for e-book readers’ eyeballs may rage for quite some time…

Could a Borders-B&N Merger Be Possible?

On face value the idea seems ludicrous, but after reading this piece in the Detroit News by Nathan Hurst, there is some reasoning to the possibility that Barnes & Noble and Borders could one day merge with each other. That is because last week, a federal court ruled that a combination of the nation’s largest organic grocers, Whole Foods and Wild Oats Markets, didn’t violate antitrust rules. U.S. regulators had argued that the merger could reduce competition and inflate prices for organic grocery shoppers. That deal closely mirrors a potential deal between Borders and Barnes & Noble and “could be perceived as a potential new precedent and open up meaningful discussions,” David Schick, an analyst at Stifel Nicolaus & Co. in New York, wrote in a report to investors earlier this week.

The talk of a potential merger of Borders and Barnes & Noble comes as both firms struggle against online rivals such as Amazon.com and big-box retailers such as Target. Online stores often offer lower prices, and big-box stores are offering a much wider selection than they have in the past. Those struggles have led many industry analysts to speculate that by combining forces, the two companies might be able to better tackle the competition. Whether this happens remains in question, but it’s certainly not impossible…

Channel 4 Chief Inches Closer to Borders UK Deal

As per Publishing News (and reported earlier this week) the entrepreneur Luke Johnson and his private equity firm Risk Capital Partners was widely expected to take control of Borders, keeping the current CEO David Roche at the helm, closing fewer than 10 stores and retaining the Borders name. Johnson is understood to have taken soundings on Roche from industry insiders this week – the sort of move that is only made when all the deal requirements are in place. One observer told PN: “Although he’s obviously acting out of self-interest and wants to make money, he’s clearly interested in bookselling as a sector. He’s imaginative and feisty, well-regarded when it comes to relatively small scale private equity investments.”

Analyst Richard Ratner at Seymour Pierce described Johnson as “a good egg. He’s got a good reputation and he’s got good people with him. He’ll buy something if it’s got potential.” Insiders say that as Chair of Channel 4, Johnson has seen the potential to boost book sales through Richard & Judy. Those who know him say that he cares about books and their cultural importance, and that he sees Borders “as a business that matters.” One added: “He sees Borders as a strong intrinsic business, one that doesn’t need to be broken up. And because he cares about it, he’ll be willing to accept slightly lower financial returns than in some of his other ventures.”

Borders UK Eyed by Channel 4 Chief

The Bookseller reports that Risk Capital Partners,the private equity firm owned by Channel 4 chairman Luke Johnson (left), is understood to be backing David Roche‘s management buyout of Borders‘ UK and Ireland business. While the deal has not been finalized, a decision on the chain’s future is believed to be imminent.

Johnson is understood to be keen to retain Borders’ identity and its commitment to promoting independent publishers. Despite a difficult market for high street booksellers, Risk Capital Partners is believed to be confident that it can cut costs at Borders and turn the business around. While some closures of underperforming stores are expected if the deal goes through, it is believed that the private equity firm would retain most of Borders’ 70 branches. One retail analyst suggested Johnson was a “viable” buyer for the business. “He runs a very well set up private equity firm,” he said. “He’s got great contacts in the City and a very good track record.”

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