Bookstores

Bunch of Grapes, the Martha’s Vineyard bookstore that was closed by a fire this summer, has been for sale by owner Jon Nelson. The local paper says “last month’s New England Independent Booksellers trade show was buoyed by rumors of its imminent sale.” His mother Ann Nelson, who owns the building that houses the store, is moving forward with reconstruction and “hopes to have the place fit for a bookstore by spring.”MV Gazette

Jeff Mayersohn and Linda Seamonson of Wellesley, MA bought the Harvard Book Store from Frank Kramer, owner for 46 years. Kramer says in the announcement, “Jeff is both a book lover and a businessman who has a tangible  affection for Harvard Book Store. When I met him, I liked him immediately. And when I found out that he and his family plan their vacations around the locations of great independent bookstores, I liked him even more.” Carole Horne remains as general manager of the store. Jeff Mayersohn has been an executive at Sonus Networks, a an IP communications infrastructure company. […]

Borders does not have a deal to sell the company so, under their loan agreement from earlier this year, they have issued warrants to Pershing Square Capital Management to purchase 5.15 million shares of the company’s stock at seven dollars a share. The warrants can be exercised up until October 9, 2014.

Two longtime employees of Cody’s Books have filed a complaint with California’s Labor Commission “alleging that the bookstore violated its contract with the Service Employees International Union (SEIU) by not paying its workers paid time off when the store closed down in June,” the Berkeley Daily Planet reports. Cody’s liquidated its assets in August to pay off their bank lien, though they never filed for bankruptcy. The union rep for Cody’s employees Sharon Sherburn-Zimmer says, “If they went bankrupt they would have to pay off secured creditors first. But since they didn’t go bankrupt they have a contractual obligation with […]