Jill Stefanovich and Jenesse Evertson, both buyers at Narnia Children’s Books in Richmond, VA, bought the store this fall after a deal to sell the store to someone else fell through and it faced closure. They have renamed it BBGB, which is “purposefully cryptic,” though it officially stands for Bring Back Great Books.Richmond Times Dispatch Following the closure of Cornerstone Books in Salem, MA, the Boston Globe looks at efforts to survive and prosper among bookstores in the North Shore area, where “about 30 independent booksellers open their doors every day in communities north of Boston, including a few in […]
Bookstores
Barnes & Noble Bidding Update
Following ratification by shareholders of the bookseller’s poison pill plan, the WSJ updated the status of Barnes & Noble’s evaluation of potential bids. “About eight or ten” bidders, both private-equity firms and strategic acquirers, “remain interested” in an acquisition according to “people familiar with the matter.” That’s winnowed from approximately 20 bidders originally said to have been interested in reviewing the company’s financials. The second round of bids is said to be “due in a few weeks,” with no certainty on how many of those interested parties will present revised offers. Chairman Len Riggio said Wednesday he hopes they will […]
Borders Store Closings Update
A number of local reports cover Borders outlets across the country that are scheduled to close on or about January 7), with liquidation sales underway in many of the covered locations. Spokesperson Mary Davis confirms to us that “approximately 17” stores will close, though she says the company is not making available a list of affected stores. From local press accounts we have accounted for 10 of those locations: Four stores are closing in California–in Los Angeles’s Westwood, downtown Santa Barbara, Thousand Oaks, and Carlsbad; two in New Jersey, in Nassau Park near Princeton and Marlton in South Jersey; plus […]
Barnes & Noble Poison Pill Approved; Aletheia Continues to Trim their Position
With no active resistance this time around from Ron Burkle’s Yucaipa, Barnes & Noble shareholders officially and “overwhelmingly” ratified the company’s poison pill plan, with 72 percent of votes cast in favor. Separately, in a periodic SEC filing, Aletheia Research & Management indicated that they have continued to trim their position in Barnes & Noble’s stock, they though still hold a substantial stake comprising just over 14 percent of all shares. In the past two months, they had a net sale of approximately 635,000 shares, now down to roughly 8.4 million shares as of November 10 after holding about 9.05 […]
Bookselling: Borders’ Relaunches Website
Borders has announced a redesign of their website. Gone is the “magic shelf” that they were excited about when they ended their agreement with Amazon and first built their own site. Highlighted verticals include sections labelled posters, crafts, and scrapbooking–which are new product lines for the site–alongside the more traditional merchandising sections. The company is promoting “new lower prices” through discounts on “more than 100,000 of its top selling” books, They’ve integrated commonplace features like expanded user reviews, working with PowerReviews. And they have partnered with UsingMiles for a “travel perks” program (which helps users manage and use their loyalty […]
Joseph-Beth Files Chapter 11 Bankruptcy; Will Close Another Two Stores
Following our report from a week ago that Joseph-Beth Booksellers was closing stores in Pittsburgh and Charlotte, NC, yesterday the group filed for Chapter 11 bankruptcy protection in Lexington, KY and indicated that they will close another store in Cleveland and a Davis-Kidd store in Nashville. Owner Neil Van Uum said in statement, “Davis-Kidd has been an institution in Nashville. It breaks my heart to have to close this store.” Former co-owner Karen Davis was taken by surprise and “very disappointed and saddened” as well. “I think it holds a special place in a lot of people’s hearts.” The company […]