The Department of Justice announced charges against 11 people in what they called “the single largest and most complex identity theft case ever charged in this country.” They say that the ring stole more than 40 million credit and debit card account numbers from computer systems at a number of major retailers–Barnes & Noble among them (along with TJ Maxx, Sports Authority, BJ’s, Office Max and more). “To the chagrin of the U.S. Secret Service, which handles many electronic fraud investigations, the trail led back to one of its own informants, Albert Gonzalez. Justice Department officials said Gonzalez served as […]
Bookstores
Atlanta-Area Bookstore Faces Closure
Wordsmiths Books in Decatur “is just two weeks away from possible closure” according to marketing director Russ Marshalek, and is having a benefit this weekend to raise funds. Owner Zachary Steele says they suffer from an event with a well-known author “that required a massive up-front investment that didn’t pan out” as well as debt from the higher rent at their previous location. “The reality of Wordsmiths is that, though it began with a great push, it did so in the wrong location. That location drained its resources and left a lagging parachute of debt that we have been trying […]
Putting a Price on AbeBooks
TechVibes–where former ABE executive (and still director) Boris Wertz is also a director and investor–estimates a price tag for Amazon’s recent purchase of $90 million to $120 million: “According to the AbeBooks website, in 2007 they did $190 million in gross merchandise volume and had 13,500 bookseller members on their platform. Based on AbeBooks’ 13.5% combined commission/service fee and minimum monthly subscription fee of $25, AbeBooks’ revenue in 2007 was approximately $30 million. If you look at comparable online e-commerce businesses like eBay with a current market cap of $32 Billion and 2007 annual revenue of $7.6 Billion, it’s safe […]
LA's Acres of Books to Go Fallow
The LAT reports on Long Beach-based store Acres of Books: “After 74 years in business, the independent bookstore giant with an inventory that topped 1 million volumes is closing down to make way for a redevelopment project.” Owners Jackie and Phil Smith sold their building to the city three months ago for $2.8 million.LAT
Indigo Rises in First Quarter
Sales at dominant Canadian chain Indigo rose 3.1 percent in their first quarter to $191 million (CA), while their net loss was reduced by more than half, to $1.3 million. Same-store sales were up 3.3 percent at the Indigo and Chapters superstores, while the smaller format Coles stores were up 5.4 percent, and online sales rose 7.7 percent, to $21 million. Release
Energetic Store Thrives in Quiet West Marin
A local story celebrates how bookstore Point Reyes Station has produced “a literary renaissance…over the past decade in this unlikely rural setting.” Editorial director of Sausalito-based PoliPoint Press Peter Richardson says “Point Reyes Station has a reputation for hosting literary events whose ambitions far outstrip its tiny population.” This spring they hosted a three-day Stegner conference attended by 400 people. Owner Steve Costa is working on “a second conference for March on farm writing, inviting Barbara Kingsolver, Wendell Berry and Wes Jackson, among other likely participants.” He says: “We’re hopeful that Point Reyes, over time, will be recognized as an […]