Barnes & Noble [BKS] announced this morning that the company will acquire the privately-owned Barnes & Noble College operation principally owned by Len Riggio for $596 million, or about $460 million net of the college unit’s cash on hand. One major reason for the combination is the emergence of e-books and BN’s renewed attempts to build their online offerings and compete with Amazon. As Riggio says in the announcement, “Although both companies previously thrived as separate entities, owing to distinctions in their product offerings, the definition of textbooks and trade books has become increasingly blurred. This trend will accelerate with […]
Bookstores
Auditors Raise Doubts on Borders UK's Future
According to accounts filed with Companies House, auditors of Borders UK, sold to Hilco by Luke Johnson and Risk Capital Partners earlier this summer, raised doubts about the ability of the book retailer to continue as a going concern, the FT reports. Ernst & Young, which signed off on the accounts going back to February 2, 2008 on July 31, said Borders UK “faced a number of uncertainties, including that it operated in a highly competitive sector, and the sales performance was difficult to forecast.” A significant quarterly rent cost, ongoing support needed from publishers and availability of credit insurance […]
Bookselling: New Orleans' Maple Street to Close Children's Book Shop
The dedicated Maple Street Children’s Bookshop will turn into a section within an expanded Maple Street Book Shop. The children’s store has been in business since the 1970s. As Nola.com recalls, “A stop by Maple Street Children’s Book Shop was often a cherished part of the weekend family routine, whether it was for the storytimes held every Saturday morning or an afternoon browse.” The building next door “will become a used book store and space for periodicals and gifts,” Nola.com reports.
Bookselling: Borders Adds More Toys, Details Other Kids' Changes
Borders has issued a press release covering a number of their expansions in children’s product lines. Today they say they have “greatly expanded toy and game offerings in its more than 500 superstores.” In addition to the previously reported expansion of Borders Ink Teen Shops (special boutique-like sections within most Borders superstores that feature Young Adult as well as Graphic Novel and Manga titles along with a number of other trendy products), the retailer has added a “picture book feature wall to make shopping easier for parents” and has “moved books for independent readers — kids ages 8 through 12” […]
Bookselling: St. Paul's Common Good Books Is Robbed
Last Wednesday night at 1 in the morning, two people broke into Common Good Books (owned by Garrison Keillor) and stole the store’s safe and damaged the cash registers, taking “a few thousand dollars” that had been left in the store overnight. The store posted surveillance camera photos on their site and sent a Tweet looking for a “goateed loser in longshorts and a Longhorns cap carrying a safe at 1:20 last night.”Star Tribune
Indigo Up Slightly In First Quarter, But Loss Widens
Sales at Canada’s dominant bookseller Indigo rose 1.6 percent in the first quarter at $193.6 million (Canadian), with same-store superstore sales up 1.4 percent and same-store sales at their smaller-format stores up 0.8 percent. Online sales continue to decline, though, down 9.1 percent to $19.1 million, and the company says they have “eliminated certain non profitable business.” Their net loss was worse, at $2.3 million compared to a $1.2 million loss a year ago. CEO Heather Reisman says the “drop in bottom line results reflects our increased operating investment this year in both Pistachio and Shortcovers.” (Pistacho is “an eco-friendly […]