As was rumored last week, Barnes & Noble will buy Tattered Cover bookstore for $1,833,402 in cash, in an offer accepted by Tattered Cover’s owner Bended Page LLC Monday evening. The deal must be approved by bankruptcy court before it is final, and a decision is slated to be made before July 31. B&N will acquire Tattered Cover’s inventory and five locations, which will continue to operate under the Tattered Cover Book Store name. Per the filing with the bankruptcy court, BN “anticipates offering employment to substantially all of Tattered Cover’s current employees,” approximately 70 people, “to continue its events […]
Bookstores
B&N Reportedly Bids on Tattered Cover
Barnes & Noble is the top bidder to take over Tattered Cover, according to Business Den, citing a source “familiar with the process.” The store’s owners cancelled the auction that was set for Wednesday. Company spokesperson Steven Silvers said in a statement, “At this time the board, management and corporate counsel are all actively engaged in ongoing discussions and negotiations with the qualified bidders. We don’t know how long these will continue or when we’ll have more information.” He continued, “All parties are taking this process very seriously and discussions have been positive. We remain quite hopeful that Tattered Cover is […]
Bookselling: New Owners for Chaucer’s Books in Santa Barbara
Santa Barbara bookstore Chaucer’s Books, which will celebrate its 50th anniversary this year, has been sold by owner Mahri Kerley, the Santa Barbara Independent reports. The new owners, Greg Feitt and Jen Lemberger, met and fell in love as booksellers at the store in mid-2000s. Feitt eventually became the store’s general manager and book buyer. The new owners tell the Independent that they aren’t planning big changes, and will still host events and book fairs. “Chaucer’s is a community institution, and we want it to continue as such and continue [Kerley’s] legacy,” Feitt said. “So, while we have ideas and […]
Tattered Cover Cancels Auction
Tattered Cover canceled today’s planned auction to determine a new owner “to allow more time to discuss with interested buyers,” the Denver Post reports. The auction may happen in the future, or “may not be needed,” store spokesperson Steven Silvers said. In May, Tattered Cover said that they were soliciting bids from potential buyers, and that they would hold the auction if there were multiple bidders. In bankruptcy court filings, they said they had executed signed NDAs from eight potential bidders and were hoping for more.
Macmillan Recalls Signed Questlove Stock
On Friday evening, Macmillan emailed booksellers to alert them not to sell the signed copies they had received of Questlove’s HIP-HOP IS HISTORY, publishing today from Auwa/FSG. The publisher asked stores to disable buy buttons for the signed edition from their sites. The unsigned books, they said, are still ok to sell. In a statement, the publisher said, “Macmillan and Farrar, Straus and Giroux have just learned that the limited number of pre-signed copies of Questlove’s book, HIP-HOP IS HISTORY, which is published today by AUWA, an imprint of FSG/MCD were not individually signed by the author. The publisher would […]
Powell’s Secures Loan to “Infuse Cash Into the Business”
With sales still below pre-pandemic levels, Powell’s Books secured a $4.5 million loan from Pacific West Bank, the Portland Business Journal reports. The loan is backed by the store’s warehouse, which held a sale last week that drew thousands of shoppers, and the borrowers are listed as Powell Family Real Estate Co. LLC and Powell’s Books Inc. “The loan was secured to infuse cash into the business,” store owner Emily Powell said. “It’s a reflection of our commitment to the business and our dedication to our customers.” The store is revamping its website and e-commerce platform, slated to go live […]