Barnes & Noble filed papers with the SEC yesterday announcing a special shareholders meeting and vote on November 17. The agenda is to review and vote on the poison pill “rights agreement” first adopted by the board in February following the increase in stock purchases by Ron Burkle’s Yucaipa companies, and modified on June 23. The company writes to shareholders that “the rights agreement does not prevent change of control transactions, but, rather, encourages potential acquirors [stet] of control of the company to approach the board and enables the board to negotiate a transaction that is in the best interests […]
Bookstores
Amazon to Feature Shorter “Kindle Singles”
Veterans of the ebook business may recall a modest (at best) initiative from 2005 called “Amazon Shorts,” selling “short-form literature from top authors” including Audrey Niffenegger, Stuart Woods, Robert Rhodes, Robin Cook, James Lee Burke, Danielle Steel, and Ann Beattie at 49 cents each. Amazon officially discontinued the program this June and reverted rights (with a suggestion to move that material to the Kindle platform). Today Amazon has announced what could be seen as that program’s successor, dropping the length/underwear metaphor for one from the music industry: Kindle Singles. “Singles” are described as pieces running between 10,000 words to 30,000 […]
Remembering Bookseller Carla Cohen, 74
Founder and co-owner of Washington, DC’s much-admired Politics and Prose bookstore Carla Cohen died this morning following her battle with a rare cancer of the bile ducts. The Washington Post remembers her as “a former urban planner who conceived of Politics and Prose as a salon where Washington readers and writers could gather to challenge each other in discussion about the big ideas of the day — a place that would reach beyond customers’ pocketbooks and become part of their lives.” Cohen and fellow owner Barbara Meade put the store up for sale earlier this year. In a obituary posted […]
Amazon Does Indeed Acquire BuyVIP
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
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 […]