Weeks of speculation about the future of Waterstone’s after parent company HMV let investors know that it might violate banking covenants – not to mention the possibility that founder Tim Waterstone and minority shareholder Alexander Mamut are interested in buying the chain — has led to today’s announcement that yes, Waterstone’s is on the block, its fate potentially decided in the next four weeks. “In response to press speculation, the board confirms it is exploring strategic options in respect of Waterstone’s and HMV Canada,” HMV said in a statement. “The board also confirms that no discussions are taking place with respect to […]
Bookstores
Briefs: Dorchester Woes Continue; The Brand of Mary Higgins Clark; Penguin Piracy Suit; And More
Dorchester Publishing continues to do its best zombie impression, as a number of authors have learned the ailing company continues to sell digital copies of their work even after they no longer hold the rights, and despite repeated assurances they would stop this practice. Horror writer Brian Keene detailed the situation on his blog, saying that he found unauthorized e-copies of his books under the Dorchester banner selling through various digital outlets. “In the most recent case (iBooks), Dorchester blamed their vendor, Libre Digital, but provided no documentation verifying this. An employee at Apple cast doubt on this explanation. In the […]
Borders Pulls a Distribution Switcheroo: TN Center Stays Open And PA Facility Will Close
Borders announced it would shutter its distribution facility in La Vergne, TN months ago, but yesterday they did an about-face and will keep the center open, which also spares the 300 employees who were set to lose their jobs. But the news was grimmer for workers at Borders’ Northeastern facility in Carlisle, PA. The company has said for months that they can no longer afford to support three distribution centers, and so the nearly five-year-old 600,000-square foot facility will now be shuttered in July or August, with 333 workers set to be laid off. Borders other distribution center in California […]
Joseph-Beth Store in Virginia Stays Open With Auction Bid Deadline Set for April 19
Just before a federal bankruptcy court judge was set to consider Joseph-Beth‘s motion to close its Fredericksburg, VA store, attorneys for the company withdrew the request after receiving “formal and informal objections” to the plan. Instead, Joseph-Beth decided to include the store in its ongoing sale process with the other four locations still open in Memphis, Cincinnati, Cleveland and Lexington, KY. Buyers have until April 19 to submit a bid, and if multiple offers come in the auction will be held no later than April 27. “We obviously aren’t where we wanted to be,” Joseph-Beth president Neil Van Uum told […]
B&N’s Attempt To Sell Itself Appears To Have No Takers
Barnes & Noble’s ongoing “exploration of strategic alternatives” — which we all know by now is code for being for sale – appears to be nearing an end without a buyer. Five unnamed sources with apparent knowledge of the bidding process told Bloomberg yesterday that “interest from at least seven potential buyers waned after the first round of bidding,” and “private-equity firms and strategic bidders have backed away from the auction” after getting cold feet about BN’s digital sales prospects, at least in relation to its larger, market cap-rich competitors Amazon, Apple and Google. The auction will continue “for […]
Bookselling: California Town on Hook for Rent on Closing Borders Store; Foyles Buys Grant & Cutler; And More
As Borders continues its march through Chapter 11 and additional store closings, the city of Pico Rivera, CA faces a nasty surprise: for the next seven years, they must continue paying a minimum of nearly $11,000 a month in rent on an eight-year-old store Borders will shut by the end of April. That’s because Pico Rivera, with a population of approximately 65,000, was thought to be too small to support a Borders store, causing the government to cut a deal with Borders and its landlord, Vestar Development Center, to spend $1.6 million in federal grant money and subsidize the rent […]