As predicted in reports earlier this week, Amazon announced a deal to acquire Spain-based BuyVIP.com, which claims over six million members in countries including Spain, Italy and Germany. Reported previously as selling for $96.5 million (though not confirmed, among BuyVIP.com’s owners is Bertelsmann Digital Media Investments. In the mode of Gilt Groupe, BuyVIP sells well-known fashion and lifestyle products through limited-time offers at deep discount. Amazon’s vp of European retail Greg Greeley says, “BuyVIP.com is an excellent complement to Amazon’s European business and will provide another unique way for Amazon customers to find and discover unique and compelling products.”Announcement
Bookstores
Analysts Split on Whether to Upgrade or Downgrade B&N Stock
Today Goldman analysts downgraded B&N stock from Neutral to Sell and cut the stock price target from $15 to $13, saying that “following management’s recent proxy victory we believe a transaction is less likely.” Yesterday, however, Channel Trend Inc. went the other way, upgrading company stock from Unfavorable to Neutral. The share price dropped to $15.87 and is currently down in pre-market trading.Street Insider
Borders News: Corporate Headquarters For Sale; Hires Back Popoff, Reassigns Some Executives
The Ann Arbor, Michigan building which houses Borders‘ corporate headquarters is for sale, listed by owner Agree Realty for $18.349 million (or approximately $40/square foot.) Borders still has 12 years remaining on its lease, though the company has started subleasing some of its rented space. According to filings, 27 percent of Agree’s $34 million in rental income (approximately $9.26 million) comes from 17 leases to Borders. Local real estate experts told AnnArbor.com that that the listing of the Borders headquarters “appears to be a step toward diversifying a real estate portfolio that’s heavy on three major tenants.” And spokeswoman Mary […]
Barnes & Noble Launches PubIt with 40 to 65 Percent Royalties
Today Barnes & Noble is opening for their business their previously-announced PubIt! program, allowing individual authors, self-publishers and small publishers to upload their ebooks for direct sale through Nook/BN. In the press release, they underscore that their program has “clear and competitive terms — and no hidden fees.” BN is offering a royalty/revenue share of 65 percent of list price for titles between $9.99 and $2.99 (slightly lower than Amazon on the surface, though there are no “delivery” charges, no surcharges based on file size, and no provision that BN can lower the price and pay royalty on that basis). […]
People, Etc.
The Great Lakes Independent Booksellers Association has hired Deborah Leonard as their new executive director, taking over from Jim Dana, who is retiring (and plans to work for the Peace Corps in Lesotho). Leonard was most recently a sales manager at Cengage Learning, and started her publishing career as a bookseller in Nashville, TN for ZIbart’s. Penguin UK digital publisher Jeremy Ettinghausen is leaving, to become a creative director at the advertising agency BBH. This year’s Macy’s Thanksgiving Day parade will include a Diary of a Wimpy Kid balloon. Copyright Clearance Center has expanded its European presence and opened a […]
Borders Delays Their Vote Until Tomorrow
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 […]