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 […]
Bookstores
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
The BN Deal A Day Later
Barnes & Noble chairman Len Riggio filed follow-up documents with the SEC that provide further details about the $250 million in owner financing he is providing the bookseller as part of their purchase of privately-held BN College. The loan is broken into two classes of notes: The first, for $100 million, is payable on December 15, 2010 and earns Riggion interest of 8 percent a year; the second, for $150 million, comes due five years after the purchase closes and pays a healthy 10 percent a year in interest. Meanwhile on the stock market, after jumping almost 20 percent after […]
More In Bookselling: Borders Board; Akademos Gets Funding; Vineyard Stores Team up for Russo; Julia Child and Other Sales Reports
Borders has nominated the five new directors who will stand for election in September to take over from the currently-serving directors who are scheduled to step down: Paul Brown, a unit present at Hilton; Ronald Floto, president, FLT International; Michael Grossman, ceo, Tempo Payments; Dan Rose, a vp at Facebook; and Timothy Wolf, chief integration officer at MillerCoors.Release Higher-Ed online bookstore Akademos has secured $2.5 million funding from Kohlberg Ventures, which they will use “to meet rapidly growing demand for its online bookstore and marketplace services.” Additionally eHarmony chief marketing officer Scott Eagle and Kohlberg partner Bill Youstra have joined […]