The New York Stock Exchange somewhat obviously filed notice with the SEC that they will officially delist Borders stock on March 21, noting “the uncertainty as to the timing and outcome of the bankruptcy process, as well as the ultimate effect of this process on the Company’s common stockholders. Borders stock was suspended when they filed chapter 11, and even though the company had 10 days to appeal, they did not do so. SEC Filing Meanwhile, Starbucks subsidiary Seattle’s Best Coffee lodged an objection with the bankruptcy court on the grounds that Borders closing 200 stores could damage the company’s […]
Bookstores
Riggio Sees Expanding Market, For Digital, Stores and Publishers Alike
Barnes & Noble chairman Len Riggio was the keynote speaker at this morning’s annual meeting of the Association of American Publishers (AAP), his first appearance there in 11 years, when he was excited about the possibilities the Rocket eBook held for his company and the industry at large. “Think of all that could have happened had we all led tje digital age together instead of following it,” Riggio said. His primary message was that “too many of us see bookselling as a zero sum game–that there’s a limit to how many books people will buy and how many books people […]
Borders Lease Costs, Remaining Australian Stores for Sale, and Indie Closings
In reporting their recent quarterly earnings, Agree Realty took a $7.7 million impairment charge related to four leases for Borders stores that are currently being liquidated and another two stores that were closed earlier in the year. They retain exposure on additional store leases, as well as the lease on the Borders headquarters building in Ann Arbor. The company reduced their dividend by 22 percent because of Borders, which they say “should provide the company with sufficient liquidity and flexibility to accommodate any further development in the bankruptcy.”Crains Detroit Last Friday the Borders bankruptcy judge declined to hear arguments on […]
eNews: Avon Launches New Digital Imprint; Kobo Closes New Funding Round; and More
Yesterday Avon announced its digital-first imprint, Avon Impulse, which will feature ebook novels and novellas (with POD editions also available) by current Avon authors and aims to “seek new talent to nurture in an e-book marketplace that finds romance experiencing expansive growth.” The first title will be Katherine Ashe’s enovella, “A Lady’s Wish,” released next week, with plans to publish at least one new title every week going forward. Authors will not receive an advance, but will get 25 percent net royalties for the first 10,000 copies sold, and 50 percent thereafter. Unlike Harlequin’s digital imprint Carina Press, Avon Impulse […]
Bookselling: Borders Lease Writedowns; Joseph-Beth Bankruptcy Proceedings; Easons Turmoil; and More
Borders‘ motion to vacate unexpired leases for four stores in the midwest was approved by New York Bankruptcy Court late last week, reducing the amount of rent Borders is obligated to pay by approximately $245,000 per month. Affidavit [PDF] Last week, Joseph-Beth Booksellers sought more time from bankruptcy court to file a reorganization plan, which was originally due on March 3. Ultimately that hearing was pushed back to March 23, but not without some harsh criticism from the unsecured creditors committee, which charged that Joseph-Beth’s “management and professionals have not yet defined the contours of their reorganized business and how they intend […]
Will Independent Bookstores Seize the Day?
By Jack McKeown and Don Linn “Borders ended up caught between the variety of the Internet and the intimacy of the independents. Its outlets could never stock as many books as Amazon. Nor could they duplicate the native flavor of the corner bookstores…As paper books become a niche product, niche retailers will be the best place to buy and sell them.” –Edward McClelland, “How Borders Lost its Soul,” Salon.com, February 19, 2011 Southbury is a town located in western Connecticut, part of a region known as the Central Naugatuck Valley. It is a town with both rural and suburban neighborhoods, […]