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Posts Tagged ‘Mike Edwards’

Borders Will Close Forever on Sunday

Borders will close forever on Sunday, leaving tens of thousands of booksellers out of work. Below, we’ve included the final closure schedule for the remaining stores.

In an exit interview with the Detroit News, CEO Mike Edwards confessed that the company had been “in perpetual crisis” during his tenure.

Here’s an excerpt from the article: “Edwards tried to keep the final week at the headquarters festive, with job fairs, resume writing workshops and champagne parties … He is an unemployed chief executive without a grudge and with a $125,000 severance check. He doesn’t know where he’s headed — perhaps Southern California or Oregon, where he led Lucy Activewear and Ellington Leather — but he said he has received job offers from companies impressed with his handling of Borders’ bankruptcy.”

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How To Transfer Borders eBooks To Kobo

After declaring bankruptcy this year, Borders transferred support for its eBook app and eBookstore to Kobo. If you have a Borders eBook library, you need to make the quick and easy transfer.

Below, we’ve linked to the simple steps to transfer your library.

Today Kobo released a statement about Borders impending liquidation. Here’s an excerpt: “While Borders is one of the early investors in Kobo, it holds only a minority stake in Kobo, approximately 11 percent … Borders serves as part of Kobo’s distribution in the U.S. along with Best Buy, Walmart, Sears and other top retailers. Kobo does not rely on Borders for content.  Kobo owns the publishing agreements and has direct relationships with all major publishers, including Random House, Simon & Schuster, HarperCollins, St. Martin’s Press and many more.  Kobo is solely responsible for payment to publishers for eBooks sold through the Kobo platform and publishers will continue to be paid on time as usual.”

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Borders Preparing To Liquidate

Borders Group will ask the bankruptcy court to accept a liquidation bid from Hilco and Gordon Brothers. The liquidation will close the company’s remaining 399 stores and cut around 10,700 employees.

UPDATE: Sourcebooks publisher Dominique Raccah has launched a #ThankUBorders hashtag so publishing professionals, writers and readers can thank the 10,700 Borders employees for their literary service. Here’s an excerpt: “I really wanted today to say THANK YOU to Borders – to their community of booksellers and home office staff over the years – for being such an important part of our lives, and for their dedication to getting books into the hands of so many people for so many years. If you’d like to add your thanks, please feel free to comment below and talk about what Borders’ booksellers have meant to you. You can also feel free to post to Twitter, Facebook, Google+.”

The New York Times shared concerns about publishing layoffs: “Employees at major publishing houses worried that layoffs could be imminent, as many companies have dedicated staff members that work only with Borders. The closing could have a particular impact in paperback sales. Borders was known as a retailer that took special care in selling paperbacks, and its promotion of certain titles could boost them to best-seller status.”

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Liquidation Looms at Borders

Borders’ $215 million bid from investor Jahm Najafi unraveled yesterday, and a liquidation company now has the lead bid for the company.  Sarah Weinman has been filing live dispatches from the bankruptcy hearing this morning for Publishers Lunch. She tweeted more news: “Liquidators bid for Borders is approved by Judge as stalking horse bid. Objections are postponed (and can be filed) until Monday afternoon.”

The Wall Street Journal was blunt about the implication of the news: “The development raises the prospect that Borders will soon close all its remaining 399 stores and go out of business.”

Previously, Najafi had struck a deal as a “stalking horse” bidder for the bankrupt company, basically setting up himself up as the lead in the auction of the bookseller. His company would have assumed $220 million of liabilities along with the sale. According to the WSJ, Borders’ creditors feared that they would lose money in this potential scenario and thought they could collect more money from a liquidation deal for the bookstore chain.

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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)

Borders Considers Bid for Some Stores

Over the weekend, The Wall Street Journal published reports that Borders cannot find a buyer for all its bookstores but is now considering selling parts of the chain to an unnamed party.

Here’s more from the article: “The possible bidder, whose identity couldn’t be learned, has expressed interest in more than 190 of the chain’s remaining superstores, the large retail outlets that garner the bulk of the company’s revenues, those people said.”

The bookseller has not commented directly on these reports. Earlier this month, Borders CEO Mike Edwards told AnnArbor.com: “publishers are going to make or break our ability to transform this company at the end of the day.”

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?

GE Capital Provides Committment To Help Borders Refinance

Borders.GIFGE Capital provided a commitment to help struggling Borders Group restructure its finances with a “$550 million senior secured credit facility.”

At the same time, the deal comes with a few conditions: Borders must secure help from other sources to arrange for $125 million in “junior debt financing” to cover vendor debts and continue with store closures (“the identification of underperforming stores that will be closed as soon as practicable”).

Borders Group President Mike Edwards had this statement in the release: “[I]t is prudent as well for Borders to explore alternative avenues, including the possibility of an in-court restructuring. We are confident that whatever path Borders pursues to implement its strategy, we will be able to count upon the support of our vendors, who understand the critical role a strong Borders provides to the reading public.”

Borders Group to Close 17 Stores; Adds Google & Meetup Tools

Borders Books will close 17 stores early next year. The Detroit Free Press had the news: “Borders Group plans to close 17 Borders superstores nationwide after the holidays including one in Michigan. The last day of sales is Jan. 7 for the store at 30995 Orchard Lake Road, Farmington Hills.”

Today the bookseller also announced today that they will use Google’s Local Availability tool and Meetup Everywhere to create a more interactive shopping experience.

Borders CEO Mike Edwards explained:  “Google’s Local Availability feature is yet another great service we’re offering that enables our customers to quickly search for a book at their local Borders store … Our stores are natural community hubs, where our customers gather together to celebrate books — our participation in Meetup will be a great avenue for fostering a strong sense of community around the joy of reading.” (Via MobyLives)

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