At the last minute Borders has postponed the special shareholders meeting that was set for today in Ann Arbor until the end of day tomorrow. They say “while support for the proposals contained in the proxy statement has been strong, there are a significant number of shareholders who have not yet had the opportunity to vote and we want to give them time to consider the proposals and vote.” The ballot essentially gives shareholders the “option” of giving Bennett LeBow a massive option package–or else he gets “stock appreciation rights” that pay him anyway if the stock moves above the […]
Bookstores
For Barnes & Noble, the Vote Is Over But the Potential Sale Is Just Beginning
The Barnes & Noble proxy fight is over but the more significant drama–will the chain be sold or restructured–will continue for what could be months. Press accounts generally concur with a NYT report from over a week ago indicating that about 20 parties have at least expressed interest in looking at the company’s books. Most are thought to be private equity players, but there are “some strategic” companies looking as well, according to the WSJ. Sources tell the Times that preliminary bids are due in October, though reelected chairman Len Riggio says he hopes the process will be completed “within […]
Powell’s Readies New Space for their Technical Books
As previously announced, Powell’s closed their Technical Books store on Sunday. They are in the midst of moving the inventory into a new space across from the main City of Books store in Powell’s Books Building 2. The new store is set to open October 1. President Emily Powell comments in their announcement, “Our goal was to bring technical books closer to the millions of visitors at the City of Books and to connect that inventory to our main store location. We hope this offers a better shopping experience for our customers.”
Riggio Re-Elected to Barnes & Noble Board; Yucaipa Poison Pill Amendment Defeated
It was a melancholy hometown crowd of about 250 Barnes & Noble shareholders and employees who filled the auditorium at the Asia Society this morning for the company’s annual meeting, but when the proxy election results were announced the room erupted in applause. Chairman Len Riggio and the company’s other nominees won election to the board, and Yucaipa’s effort to amend Barnes & Noble’s poison pill was also defeated. Riggio declared, “this has not been an easy four or five months…but this has been a very great day.” Earlier in the meeting, in a brief moment of personal reflection, Riggio […]
Borders Will Open 25 Seasonal Holiday Stores
In other book chain news, Borders is jumping on the “temporary store” trend, announcing this morning that they will open and run 25 “pop-up” Borders Express stores from between October 25 and January 31. The stores will average about 2,500 square feet. CEO Mike Edwards says, “The majority of these stores are located in malls where we had a presence at one time. Where it didn’t make business sense for us to operate stores on a permanent basis in these areas, we can open a seasonal store and serve the holiday shopping needs of our customers.”Release
Bookselling: Candy Sells, Upper West Side Denied Another Store
The Strand has successfully added generous candy racks underneath their cash register, and co-owner Fred Bass tells the NY Daily News, “We’re selling five times as much candy as we did ‘register books.’ Candy is an impulse buy.” The paper finds at least modest displays of candy to local Barnes & Noble and Borders stores as well.NYDN On Friday, Borders confirmed that a planned new store on Manhattan’s Upper West Side has been scrapped. Spokesperson Mary Davis told Bloomberg “it strategically did not fit with our current priorities, one of which is to focus on our current store base.”Bloomberg