Sunnyside, Glen David Gold’s first novel since 2001, will be published in the UK by Sceptre this July – but only Waterstone’s stocks the hardback for an exclusive four-month window while all other booksellers will receive only a paperback later in the fall. The news has independents in a letter-writing campaign calling for a boycott of the paperback edition, while others have said they are considering removing the publisher from any recommended lists, or that they will “think twice” about ordering books from Sceptre in future. Waterstone’s sold 19 books with an exclusive time window in 2008 but it appears […]
Bookstores
Borders Deadline Extended Again
Borders Group is paying Pershing Square $750,000 for “reimbursement of expenses” and the extension of the “put” to require Pershing to buy their Paperchase subsidiary, as both the option and the expiration of Pershing’s $42.5 million loan are extended for a second time, until April 15. Borders will report earnings for the fourth quarter and full year on March 31.
ABA Cuts Dues and Staff
ABA president Gayle Shanks writes to booksellers to announce a 50 percent reduction in dues for member stores on their calendar 2009 renewals “to help and support booksellers in these extraordinarily difficult economic times.” A hiring freeze for the organization’s staff has resulted in a 12 percent reduction through attrition. Other cost-cutting measures include a wage freeze and suspension of pension contributions, as the ABA aims to juggle “how to provide more services while relying less on financial support from booksellers.”Shanks letter
Investment Firm Declares Big BN Stake
Arnhold and S. Bleichroeder, LLC (ASB)’s First Eagle Global Fund has accumulated a big chunk of Barnes & Noble stock. An SEC filing declares that the fun controls 11.7 percent of the bookseller’s shares, and with additional interests on behalf of clients their stake of more than 7 million shares comprises 12.77 percent of BN shares.
Borders to Cut Music Further
Borders to pushing music and DVD suppliers to change their trading terms, Billboard reports. “At the best, it wants vendors to go to scan-based trading payment terms, which means paying for product when it is sold…or it wants 365-days ‘dating,’ the term for payment scheduling. At the least, it wants more dating for slower moving titles. Sources say Borders is giving vendors about 10 days to come back to the chain with proposals. Borders plans a similar move for video, although its slightly less drastic than its plans for music.” (NB that a fight over scan-based trading is part of […]
Store Closings
Pages for All Ages bookstore in Savoy, IL announced their closing in a sign on the window, after more than 20 years in business. And Henderson, Nevada’s Cheesecake and Crime, a mystery book shop and cheesecake joint opened about 14 months ago, will close at the end of February.