In the latest proxy filings, Ron Burkle and Len Riggio continue to fight to show who is least suited to run the company going forward. From the Yucaipa presentation, Ron Burkle laments that he has invested over $200 million in company stock and “as of July 30, our investment is down over 27 percent.” (But since August 1, the stock is up almost 20 percent.) Meanwhile, Barnes & Noble now admits that the final cost of acquiring BN College was “only $439 million.” (Previously, for unknown reasons, they would not openly acknowledge the cost after deducting BN College’s cash on […]
Bookstores
Bookselling: BN Predicts; HBG eBooks Restored; ABC Invites Comment on Proposed ABA Merger; Treeline Readies Regional Show Catalogs
Barnes & Noble put out a press release in which they “predict” the big books for fall, basically listing dozens of titles already expected to be commercial hits. Yesterday, the bookseller put out another press release noting that they will promote two trade paperbacks every month under their BN Recommends banner.Release Diesel eBooks reports that, 153 days into the agency model, they are back in business with Hachette Book Group‘s ebook titles. They still have not been able to restore sales of Simon & Schuster and Macmillan ebooks yet.Post The Association of Booksellers for Children has officially invited comment–from members […]
Indies Take Over Book Reviews for San Diego Union Tribune
Following the elimination of the San Diego Union Tribune’s arts and book critic, four area bookstores–Warwick’s, Mysterious Galaxy, The Book Works, and The Yellow Brick Road–have joined with the newspaper to provide weekly book content. Each week starting as of August 22, one store takes a turn recommending and writing about a title.BTW
Burkle Says He Has “No Plan to Acquire Control” of Barnes & Noble
It should be no surprise that the war of words continues in the proxy fight between Ron Burkle and Barnes & Noble, with both sides embarrassing themselves in exaggerting the situation and claiming the mantel of “independence” to which neither is entitled. The most notable part of Yucaipa’s latest response from yesterday to accusations from Barnes & Noble is their continued insistence that “Yucaipa has no plan to acquire control of your company.” They ask why nominating three directors on a nine-person board threatens control of the company, and note that “in a March meeting with two of Barnes & […]
Borders Better Idea? Paid Rewards Program
Back in actual bookselling, today Borders announced a new solution to their longtime “rewards” problem. For years the company has hailed their tens of millions of enrolled rewards program members as a key to a planned turnaround, but they have regularly failed to convert those memberships into meaningful results. Now they will follow Barnes & Noble’s approach with a second paid Borders Rewards Plus program. A $20 annual membership will provide “savings on nearly all Borders merchandise, and free shipping on virtually all online orders.” The enhanced discounts include “40 percent off the list price of hardcover bestsellers, 20 percent […]
eReaders: Price Cuts and Kindle in Staples
Borders is trying to keep up with the price cuts on ereaders, lowering the tab on their Kobo reader $20, down to $129. They are dropping the Aluratek Libre price by a similar amount, now at $99.99. Separately, the AP reports that Staples will join Target in carrying all three models of Kindle readers in their stores this fall.