Borders ceo search is over as the company awards the title to two men. Bennet LeBow further confirmed the extent to which he has taken over the company by making himself chief executive officer of Borders Group as well as chairman of its board. Interim ceo Mike Edwards will stay on as well, keeping the titles of president and ceo of Borders, Inc. running the US bookselling business and reporting to LeBow. Edwards joined Borders last September. He tells Reuters, “Ben has a very sound financial background, understands capital markets, is very astute in managing liquidity in turnaround situations and […]
Bookstores
People, Etc.
On Simon & Schuster’s distribution side, Frank Nunez has been promoted to vp, business operations, reporting to Joe D’Onofrio. Tuttle Publishing will distribute Shanghai Press and Publishing Development Company’s English-language books about China. At McGraw-Hill Professional’s business group, Stephanie Frerich and Leila Porteous have both joined the unit as editors. Frerich was at Ivan R. Dee; Porteous was at Grand Central. In a completely different 40-under-40 list, HarperCollins director of publicity Tina Andreadis has been named to the Greek America Foundation’s list honoring young leaders. Barefoot Books officially announced the opening of their relocated “flagship” children’s bookstore, now in Concord, […]
July 2010 Indie Next Picks
#1 July Pick: Faithful Place: A Novel by Tana FrenchThe Secret Lives of Baba Segi’s Wives: A Novel by Lola ShoneyinFather of the Rain: A Novel by Lily KingThe Nobodies Album: A Novel by Carolyn ParkhurstWhat Is Left the Daughter: A Novel by Howard NormanMr. Peanut: A Novel by Adam RossStill Missing: A Novel by Chevy StevensThe Thousand Autumns of Jacob de Zoet: A Novel by David MitchellWork Song: A Novel by Ivan DoigSavages: A Novel by Don WinslowThe Blind Contessa’s New Machine: A Novel by Carey WallaceCrashers: A Thriller by Dana HaynesThe Sisters from Hardscrabble Bay: Fiction by Beverly […]
Aletheia Whittles BN Stake
Aletheia Research & Management told the SEC that over the past two months they have slightly reduced their overall Barnes & Noble holdings, to 9,373,192 shares, comprising 16.28 percent of all shares. Previously their stake stood at 17.44 percent. The filing reveals a series of both sales and purchases–sometimes both on the same trading day.
Borders' Next Ideas? Lease Buyouts, Less Stealing, Still Reinventing the Supply Chain
After yet another quarter of disappointing results, Borders cfo Mark Bierley took the lead in the company’s conference call in explaining their latest strategy towards “improving profitability” (which begs the question of how you can improve something that doesn’t exist). Since “a number of stores are dilutive to our EBITDA” they “intend to aggressively pursue lease buyouts from these stores. The buyout on these leases would, based on our assumptions, positively impact our long-term bottom line.” They also have a “comprehensive audit program” that’s “designed to reduce” losses from shoplifting, particularly in “stores that have historically seen high levels of […]
Borders' Core Skill: Shrinking
Reporting results for their first quarter ending May 1, in a still grim atmosphere for physical stores of all kinds, Borders sales fell 15.4 percent overall at $542 million. The loss from continuing operations of $64.5 million was better than a year ago, but the operating loss of $33.5 million was worse. Sales at the US stores fell further, down 16.1 percnent to $520–but same-store sales were down by only 11.4 percent company to a year ago. The company says that factoring out multimedia, which they theoretically pulled down dramatically years ago, comp store sales declined 6.8 percent, indicating less […]