San Diego-based independent mystery & science fiction bookstore Mysterious Galaxy will open a second location in Redondo Beach later this summer, with grand opening events in October. The new 4,000 square-foot store grew out of a popular book-and-author series “Ladies, Lunch, and Literacy” hosted in the area by co-owner Terry Gilman.BTW In related news, the ABA rounds up twenty-five new member stores that opened in 2010, which the association sees as a sign that “growing support for locally owned businesses, along with continued support for bricks-and-mortar stores.”
Bookstores
Bookselling and Beyond: Reporting Borders’ Sales?, Creditors Meeting, and Waterstone’s Cuts
Recently we reported on the significant year-over-year drop in print book sales for the first six sales weeks of 2011 through outlets measured by Nielsen Bookscan. So naturally we were wondering how people should expect the discounted book sales at the 200 stores that Borders intends to close to be reflected in the Bookscan data as those stores are liquidated. Borders told us the handling of data for those 200 stores was up to Nielsen; they, in turn, indicate that they will continue to report sales from all Borders Group stores as usual, including those that are in the process […]
BN Plans Brand Refresh, Will Spend $40M on Marketing Efforts
Here’s one way Barnes & Noble plans to invest some of the cash flow freed up by suspending its dividend: AdAge reports the company has hired Interpublic’s Mullen to “refresh its brand with an effort that includes an estimated $40 million investment in marketing and a new look for stores.” That amount is expected to double BN’s previous marketing spend. Mullen replaces Omnicom Group’s Merkley & Partners.AdAge Following yesterday’s pre-market announcements, Barnes & Noble’s shares fell more than 14 percent in full-day trading, declining 2.67 to finish at $15.94. The stock is falling further today, down another 4.5 percent so […]
Briefs: Author Sues Former Agent Over Bacon Cookbook; Spring Design Phasing Out Alex E-Reader And More
Brooklyn author Lisa Skye is suing her former agent, Jayne Rockmill, for puportedly stealing the idea that became the cookbook “I Love Bacon”, published by Andrews McMeel in 2009. According to the lawsuit, filed in Brooklyn Supreme Court, Skye said she and Rockmill jointly put together a proposal for the book after meeting at a launch party in 2007 for an earlier, self-published cookbook. Skye claims she fired Rockmill in early 2009 after she “became disenchanted with Rockmill’s aggressive style”, and was “stunned” to find a copy of the book with Rockmill’s name on it in a San Francisco bookstore […]
At Barnes & Noble, Sales Rise, Profits Fall, Dividend Is Suspended and Shares Are Punished
Barnes & Noble’s third quarter results, reported this morning, show the trickiness of navigating this transitional retailing (and etailing) climate. Following their best holiday period in years, sales rose 7 percent and profits were within the company’s own guidance. Both measures were below analysts’ expectations, though, with profits down from a year ago, and the company is suspending its quarterly dividend of twenty-five cents per share. The dividend reduction was expected long ago, since the company is investing in its digital strategy and has financing the dividend through borrowings rather than earnings. But the combination of lower earnings and no […]
Bookselling: Albuquerque’s Page One Files for Chapter 11
Page One in Albuquerque, N.M. filed for Chapter 11 bankruptcy protection on February 11 after 30 years in business, citing assets of $799,183 and liabilities of $1,371,258, of which $474,885 are unsecured claims. In addition, “amounts unknown” are due to more than 50 creditors. Court documents filed by owner Steven Morado Stout indicate that “after any exempt property is excluded, and administrative expenses paid, there will be no funds available for distribution to unsecured creditors.” Several publishers are among those unsecured creditors, including the University of Mexico Press, reportedly owed $12,000. In a subsequent email to customers, Stout added “in […]