Neil Van Uum of Joseph-Beth Booksellers admits to the Cincinnati Enquirer that the bookstore group has not turned a profit for a decade. “It’s been a bloodbath for 10 years,” he says. “But we’re finally seeing an opportunity to gain market share.” Group sales have been flat, at $45 million annually, since 2005. But Van Uum expects growth of 8 or 9 percent this year, driven by additions to the group. With seven stores in five states, Joseph-Beth just opened a hospital gift shop at the Cleveland Clinic under the banner of their new Joseph-Beth Wellness Retail division, and they […]
Bookstores
Bookselling: Bankruptcy for Canada's McNally Robinson; Eso Won Expects Another Tough Year; Northshire Hails Haslett Novel
Much-admired Canadian indie McNally Robinson Booksellers has entered bankruptcy and will close two of its four stores immediately: one in Polo Park in Winnipeg and their Toronto store in the new Shops at Don Mills mall. 170 of the bookseller’s 425 full- and part-time employees will lose their jobs as result. Co-owner Paul McNally says that as long as the company’s bankruptcy plan is approved the other two stories, in Winnipeg and Saskatoon, will remain open. “They make money,” he said. “They have a loyal following,” while the other two “new stores absolutely did not perform.” The Winnipeg Free Press […]
Bookselling: Black Oak Gets New Space
Berkeley’s Black Oak Books, which closed in June 2008, will reopen in a new location, offering “30 percent more space and ample street parking.” “De-facto owner”/investor Gary Cornell, who had tried to save the store once, hopes to have secured its future by buying the West Berkeley building that will serve as the store’s new home. The mortgage payment will be about 25 percent of what they had been paying in monthly rent.SF Chronicle About 20 Waldenbooks outlets slated for closure next month have been spared.Daily Finance
Another Investment Firm Builds Barnes & Noble Stake
California money manager Altheia Research & Management, run by Peter Eicher, filed with the SEC now that it has amassed at 10.8 percent stake in Barnes & Noble. Altheia says it has “no plans or proposals” other than investment purposes, but qualifies that by noting the firm “reserves the right to act in concert with any other shareholders of the Issuer, or other persons, for a common purpose should it determine to do so, and/or to recommend courses of action to management and the shareholders of the Issuer.” Nearly all of their block of stock was acquired beginning on November […]
Bookselling News
At least one chain mall store in Texas slated for closure has been spared as Lufkin‘s Waldenbooks will remain open rather than close in January as originally planned. Meanwhile, Laredo is launching a campaign to lure a new store to this city of 230,000 after B. Dalton’s closes next month. Laredo Mayor Raul Salinas says, “I can assure you, it’s going to be welcome with a red carpet.” The city council “was expected to adopt a resolution Monday night proclaiming the importance of bringing another bookstore to the city.” Barnes & Noble says “it has identified a possible location for […]
Bookselling: Up Close at Square Books; It's Over at Borders UK
Poets & Writers starts the new year with a new series of interviews with bookselling entrepreneurs, Inside Indie Bookstores. The first installment visits with Richard Howorth of Square Books: “It’s a very difficult business. But in many ways, I like the fact that it’s a difficult business. Otherwise, people who want to make money–by selling crap–would be trying to get into the book business. [Laughter.]” Looking to the digital reckoning, he says: “I think bookstores offer an experience to book consumers that is unique. To be able to go into a place physically, to experience a sensation that is the […]