A group of Barnes & Noble shareholders, led by the Louisiana Municipal Police Employees Retirement System, has filed suit in a Delaware Chancery court to block the retailer’s proposed purchase of privately-owned Barnes & Noble College. The plaintiffs allege breach of fiduciary duty by the company and its directors. Shareholders are concerned that the deal lacks transparency in not providing more historical financial data on the College retailer; pays Len Riggio more than another buyer would; reduces BN”s working capital; and represents an investment in a segment that is in “permanent decline.”Courthouse News Separately, in a complex posting about the […]
Bookstores
B&N Shutters Quamut
Barnes & Noble has closed down its how-to site Quamut, designed to provide simple instructional pieces on a variety of subjects using a mix of user-produced wikis and professionally produced guides. Despite the change (and the message that greets those who try to access the Quamut.com site), B&N continues to run in-house ads for the site on its online store.CNET
Wall Street Sours on BN's Purchase of Barnes & Noble College
On Friday sentiment among traders continued to turn against Barnes & Noble’s intended purchase of Barnes & Noble College from Len Riggio with the retailer’s stock down more than 9 percent for the day. First the Wall Street Journal’s Heard on the Street column voiced a number of concerns, including limited disclosure about what kind of results the public company is purchasing: “As for earnings, B&N has provided only numbers for the year to May with no history or projections. Shareholders deserve to know whether the college chain’s earnings are declining. B&N says it will disclose more when the deal […]
Bookselling News: Posman Books in Chelsea Market; Sarasota Books Faces Possible Closure; and More
Posman Books will open a new branch in Chelsea Market on September 1. The store will be managed by Logan Fox, formerly owner of Micawber Books in Princeton. Sarasota News & Books may close at the end of this month after 50 years in business unless the owners can renegotiate their lease. Herald Tribune Storylines Bookstore & Cafe in Watkins Glen, NY will close on September 12 as the current owners seek a buyer for the business.Star Gazette The owner of Conkey’s, Wisconsin’s oldest bookstore, holds out hope he can find a buyer now that he has retired, but the […]
People: Borders Hires Norton, Shifts Paperchase US Management
PeopleFormer Simon & Schuster president of sales and distribution Larry Norton is joining as svp, merchandising and distribution on August 31, reporting to evp Anne Kubek. Norton will lead the merchandising team, “which includes the buying and planning organization for all Borders and Waldenbooks stores nationwide as well as the distribution group, which manages the company’s national logistics network.” He has been a consultant for the past two years after leaving S&S. CEO Ron Marshall says “Larry’s depth of experience within publishing and supply chain management is critical to Borders as we address our strategic priorities, including re-engaging with customers […]
Bookselling
Independent bookstore Frog Hollow Books in downtown Halifax, Canada is closing shortly after 25 years in business. CBC In Germany, leading bookselling chain Thalia reported a same-store sales increase of 0.8 percent.PublishingPerspectives