Owners of Los Angeles-based Bodhi Tree Bookstore Phil Thompson and Stan Madson reportedly told their staff last week that the store will be shutting its doors in a year’s time” after almost 40 years in business, LA Weekly reports. With both owners in their 70s, they decided to sell the building on Melrose Avenue to a real estate developer.LAW
Bookstores
Aletheia Kept Building BN Stake
Aletheia Research and Management continued their heaving buying of Barnes & Noble stock in the final week of 2009, filing with the SEC yesterday to disclose that their share in the bookseller had risen to 13.12 percent of all shares outstanding. The company’s purchases throughout December were all made at prices in excess of Barnes & Noble’s current price, now trading below $18 a share.SEC filing
Barnes & Noble College Rolls Out Textbook Rental Program
Expanding a pilot program begun last fall, Barnes & Noble College will let students rent textbooks online from their campus bookstore’s e-commerce site as well as through their stores. They will accept “any form of tender, including campus debit cards and student financial aid” as payment. Now featured in 25 of the 636 campus bookstores they operate, “in the coming months [the company] will dedicate significant resources to expanding its rental program to more of the colleges and universities it serves.”Release
ABA Cuts Five Positions In Reorganization
After “many months of analysis and investigation,” American Booksellers Association ceo Oren Teicher announced a reorganization that includes the elimination of five jobs from an already lean staff. Teicher writes, “it’s never easy to say goodbye to hard-working, loyal colleagues, but we believe that these changes will allow us to organize ABA in a more efficient way to better utilize the association’s resources.” Some ABA veterans are being placed in new posts: Meg Smith becomes membership and marketing officer; Dan Cullen is now content officer; Mark Nichols serves as industry relations officer, and Jill Perlstein is now meetings and plannings […]
Books-A-Million Holiday Comps Down 6.2 Percent
Holiday sales at Books-a-Million totaled $122.1 million for the nine-week period, down 4.5 percent overall, and down 6.2 percent on a same-store basis. For 11 months of their fiscal year, total sales are down 1 percent at $473.6 million, with comp sales declining 3.7 percent. CEO Clyde Anderson noted that “as was the case last year, customers shopped late in the season and proved to be value conscious responding well to our marketing efforts, bargain book department and in-store promotions.”Release
Borders Springs a Deal with Alex Reader
Borders ebookstore–powered by Kobo–has reached an agreement “in principle” to partner with Spring Design’s nook-alike Alex ereader. While it makes perfect sense–after all, Alex can’t use BN.com as their store partner like so many other readers while they are suing them–it’s an opportunistic victory for Borders as they play ereading catch-up on a limited budget. Reuters adds, “the Alex e-reader will give the borders.com e-book site top billing, featuring it on its initial screen, a Borders spokeswoman told Reuters, though shoppers will be able to buy and read books from other sources on their Alex e-reader.“ Though they did not […]