The results of last week’s auction of remaining Joseph-Beth stores seemed to spell an uncertain future for its Davis-Kidd location in Memphis. Liquidation firm Gordon Brothers was the top bidder, and will start to wind down operations (pending court approval on Wednesday) unless a workaround can be found. That workaround, according to the Commercial Appeal, is if landlord Laurelwood Shopping Center and its president Tom Prewitt decides to help. “We tried to reach out to the mall (Laurelwood) ownership prior to the closing of the auction and work out a deal, but were rebuffed,” said Joseph-Beth ceo Mark Wilson. Bookseller […]
Publishing Slides in Second Quarter For Courier on Borders Writedown Charge
Courier’s publishing units had sales of $10.1 million, down 14 percent compared to a year ago, with lower sales to Borders (and a $750,000 one-time restructuring charge thanks to the chain’s Chapter 11 bankruptcy) accounting for the largest part of the shortfall. Where Borders made up 9 percent of segment revenue in the company’s first six months last year, now it only made up 2 percent for FY2011 to date. Excluding the writedown, the segment lost $1.2 million, a far cry from a year ago when it broke even. Ceo James Conway said, “We felt the same pressures as most […]
With Revised Bonus Plan Approved, Borders Seeks $50M More in Financing
If only Borders could bring the same energy and focus to their business plan that they’ve brought to incentivizing their leadership, they might have a chance for survival. After additional revisions and negotiations, a Federal bankruptcy court approved Borders’ executive bonus plan on Friday. The disbursement of up to $6.6 million in management bonuses for ten executives (40% of their base salary) and five senior executive bonuses (55% of base salary) is contingent on Borders reducing its annual rent by $10 million for each of 2011 and 2012, and the court approving a sale or reorganization plan by November 16. […]
People, Etc.
Lynda Zuber Sassi has been named director of special sales for Ryland Peters & Small and CICO Books. She was previously a national accounts manager at Chronicle Books. Effective May 1, Square One Books will be distributed by Thomas Allen & Son. Previously they were distributed by the University of Toronto Press. At Simon & Schuster Children’s, Andrea Welch has been promoted to senior editor, Beach Lane Books. Greg Britton will join the Johns Hopkins University Press as editorial director on May 16, where he will also be a senior member of the press’s executive committee. Previously he led the […]
Lexington Mall Owner and Gordon Brothers Split Joseph-Beth Stores After Auction, But BAMM Will Take Over VA Location
In an auction that stretched late into the afternoon, the five remaining stores owned by Joseph-Beth found a variety of new owners, some of which were unexpected. Liquidation firm Gordon Brothers was the high bidder for the Memphis-based Davis-Kidd and the Fredericksburg, VA stores, but immediately transferred ownership of the VA store to Books-A-Million, which has a significant presence in the state. The outcome for stores in Cincinnati, Cleveland and Lexington, however, provided a late-game surprise, with the Mall on Lexington Green emerging as the high bidder. Until late last week Joseph-Beth president Neil van Uum was the only announced […]
People, Etc.: Joseph-Beth Auction Looms
The bankruptcy auction of the five remaining Joseph-Beth bookstores and their inventory will be held this Wednesday morning in Cincinnati. So far, the Lexington Herald-Leader reports, co-founder Neil Van Uum is the only known bidder, but one of the lawyers conducting the auction, Ellen Arvin Kennedy, says “we are very optimistic that we will have several bidders who will want to purchase the stores and operate them as they are operating now.” Initial confidential bids, for all or part of the company, are due today. Liquidators are expected to make low bids as well. Van Uum tells the paper, “I’ve […]