Per our report yesterday that additional executives were leaving Borders beyond the two names disclosed in Monday’s SEC filing, the WSJ reports that the recent high-level job reductions also include svp for business development Larry Norton, svp for marketing Bill Dandy, and vp of real estate Tony Grant. Separately, anonymous Borders employees say via an online message board that three of five regional vice presidents were also let go. They report that in a conference call among general managers, employees were told the store network has been rezoned into just two regions. The NYT adds that publishers indicate Borders executives […]
Bookstores
Borders Counsel Carney and CIO Laverty Both Resign; Ingram Says They Will Keep Shipping
Just as Borders is preparing for complex negotiations with vendors and lenders, they will be doing so without the assistance of EVP, general counsel Thomas Carney, who has served as the bookseller’s top attorney since 1994. He resigned on Sunday, noted by Borders in a terse SEC filing after the close of the market yesterday. SVP, chief information officer Scott Laverty resigned as well, on Monday. Laverty joined the company in May 2009, charged with overseeing the “overall vision, strategic direction and tactical execution of all information technology systems and solutions.” Spokesperson passes along the company’s statement: “As previously reported, we are […]
How Borders Negotiations’ Might Go
Last Friday Borders’ stock fell over 22 percent on the news of delayed payments to major vendors, taking share below the one dollar minimum required on a long-term basis for listing on the New York Stock Exchange. Borders spokesperson Mary Davis confirms our report from Thursday based on discussions with some of those vendors that the Borders executive team will be in New York this week to negotiate with the publishers whom they owe money. (While the company is in continuing discussions over replacement financing, Davis says this week’s New York meetings are focused on publishers only.) NBN head Jed […]
Nooks Drive Better-than-Expected Holiday Increase at Barnes & Noble Stores
Barnes & Noble issued a brief preliminary report on bookstore sales for the nine-week holiday period, saying that comparable store sales rose 9.7 percent through January 1. Results were driven by the the Nook reading devices, with BN saying they had the largest single day of store sales in the company’s history on December 23. They will report more details on January 6, when we may get a better glimpse of how book sales held up. Most notable about today’s report is that results were ahead of the company’s own forecast at the end of November, when they told analysts […]
The Grinch Goes to Borders, As Major Vendor Payments Are Delayed
Borders warned investors on December 9 that they faced a potential “liquidity shortfall” in early 2011 and within the last 24 hours that warning has turned into reality for some of its major supporters–including big publishers. People familiar with the communications tell us that Borders ceo Mike Edwards contacted some publishers recently to indicate that Borders would be postponing payments due, now that the holidays are over. The Borders executive team is due in New York in early January, we are told, both to discuss next steps with major vendors and to present their case to banks and investors. According […]
Nashville GLBT OutLoud Bookstore Is Closing; Some POD Bestsellers
OutLoud founders Ted Jensen and Kevin Medley announced they will start liquidating inventory and close their store after 15 years in business. The Tennessean says “they alluded to reasons for closing such as high interest rates that small businesses can’t afford, lack of meaningful legislation that would help small businesses and the unfair advantages chain stores have over the small, locally owned ones.” Tennessean When the Museum of Art in Fort Lauderdale finishes a renovation in January, they will feature a new boutique run by Miami’s Books & Books. Owner Mitchell Kaplan says “there are terrific people to partner with…. […]