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.
Bookstores
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.
Oscar Wilde Next Store to Close
Greenwich Village’s Oscar Wilde Bookshop, “believed to be the oldest gay and lesbian bookstore in the country,” will close March 29. The store has struggled for a long time and “nearly closed six years ago, only to be sold and given a last-minute reprieve.” Owner Kim Brinster notes, “Even if we were rent-free, it wouldn’t be enough for us to cover the bills we have. This is one instance in New York where it’s not a case of the landlord gouging the tenant. Our landlord has always been remarkable with us.”NYT
Borders Eliminates 16 Executive Jobs
New ceo Ron Marshall declares “as we address the immediate priority of getting our company’s financial house in order, one of our goals is to more aggressively reduce annual expenses” and to that end the company announced the elimination of six vice-president and 10 director-level jobs, mostly at their Ann Arbor headquarters. Among those whose positions are being cut are evp of US store Ken Armstrong, and svp and CIO Susan Harwood (who was a high-profile hire in 2007), and svp of e-business Kevin Ertell who led the development of Borders.com. VPs of real estae, human resources serivces and creative […]
Durham's 'Book Ex' to Close February 14
The Book Exchange, aka The Book Ex, a “downtown Durham, NC institution,” will close after 75 years in business. Co-owner Fran Feinberg says, “It’s a terrible loss to the community. It’s not a decision we made lightly. If we thought we could make it we would, but I don’t see that happening. I guess the writing is on the wall.” Feinberg adds, “It’s becoming harder and harder to make a profit,” Feinberg said. “You’re working with a very small profit margin and then you’re looking at a very bad economy.”News Observer