In their latest play in the proxy fight with Ron Burkle, who theoretically wants more independent voices on the board of Barnes & Noble, the company has thrown aside current directors Michael del Guidice and Lawrence Zilavy from the reelection slate (or rather the two “have decided not to stand for reelection”). Delaware chancellor Leo Strine recently rebuked the company in finding that del Guidice is too closely tied financially and politically to Len Riggio’s money and interests to be considered an independent director. Instead the company is nominating David Golden, evp and a partner at investment firm Revolution, and […]
Bookstores
Bookselling: Hard Times at Modern Times
San Francisco’s Modern Times Bookstore has told customers by e-mail they are “facing a financial crisis and urgently need an influx of cash if we are going to be able to pay our bills through the summer.” They add: “We absolutely believe that it is possible to function more sustainably but we need your help right now if we are going to get to the more lucrative fall and winter months and be able to put into place the changes that will help us survive.” In business for 39 years, they say they are “one of the few remaining independent, […]
Riggio Converts Shares at Above-Market Price
What a fascinating world we live in. While people who don’t understand the publishing business continue a steady stream of columns concluding the bookstores that sell 92 percent of trade books are done for–James Stewart because he buys from Amazon and his “hunch is that B&N never really embraced the Internet or e-books,” and Brett Arends at Marketwatch because he believes the e-book hype–the actual battle for ownership of Barnes & Noble intensifies. Founder and chairman Len Riggio exercised almost 1 million options, paying more than $1.50 a share above market at the strike price of $16.96 (or $16.8 million […]
Books & Books Westhampton Faces Resentment from Some Friends of The Open Book
The high-profile arrival of Books & Books Westhampton Beach has been greeted by success among shoppers and browsers, but has also stirred resentment among at least some customers of the town’s other bookstore, The Open Book, located “about a dozen storefronts away.” The NYT covers the tensions, in which Open Book owner Terry Lucas “said Books & Books is on a course to put her already struggling store out of business.” Lucas also works as a librarian in Southampton, and had negotiated to sell the store to an employee early last yar though the deal was never consummated. Her store […]
Barnes & Noble Rolls Out “Completely New” Rebranded Nook Reading Apps
The bookseller has released new versions of its ereading apps for Apple mobile devices and PCs, now unified under the Nook brand (as previously covered). The iPad version of their app now lets readers “rate” the books they’ve read, and the line of apps promise much more customization of fonts, colors and other aspects of the screen appearance.Release In the UK, WH Smith has taken the lead in ebook pricing wars, offering all ebooks at half the publishers’ digital list price.
Barnes & Noble: Talks Collapse, Company Wins In Delaware, Burkle Launches Proxy Fight
As Friday the 13th today would have provided more appropriate timing for the latest events in Barnes & Noble’s corporate soap opera. Though the press release was reportedly ready to go announcing the settlement between the company and activist shareholder Ron Burkle, and Delaware vice chancellor Leo Strine had been notified a settlement was close (NYT), during a conference call yesterday morning “to review final details…negotiations broke down” (WSJ). By 12:30 Barnes & Noble announced they “were unable to conclude an agreement on mutually acceptable terms”; hours later, Strine issued his ruling, not unsurprisingly supporting the company. He concluded that […]