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 […]
Bookstores
Costco to Stop Carrying Books Year Round
Costco recently informed publishers that it will stop carrying books on a year-round basis in its stores. This comes after they stopped carrying books in Hawaii and Alaska as of late 2022, and after their renowned book buyer Pennie Clark Ianniciello left company in 2021. The NYT reports based on conversations with publishers, “Beginning in January 2025, the company will stop stocking books regularly, and will instead sell them only during the holiday shopping period, from September through December. During the rest of the year, some books may be sold at Costco stores from time to time, but not in […]
ABA Continues to Grow Membership
The ABA announced their annual membership data, adding 248 members over the last year. The organization now counts 2,433 bookstore members, operating in 2,844 locations. The organization indicated that “around 190 more stores are in the process of opening over the next two years,” the AP reports. As the AP explains, however, “new stores” includes pop-ups and online-only stores. ABA ceo Allison Hill also balances the increase in members against the challenges that stores continue to face: “Independent bookselling has never been dependably profitable, and Hill notes various concerns — rising costs, dwindling aid from the pandemic and the ongoing […]
Tattered Cover Sets June Auction
Bids to acquire the bankrupt Tattered Cover bookstores are due by end of day June 10, and if there are multiple bids an auction will be conducted on June 12, according to an order approved by the Bankruptcy Court. In a filing with the court, the store said they have received signed NDAs from eight interested potential bidders so far. They are hopeful that “various other parties who have expressed interest in participating in the sale” will also execute NDAs. Ever optimistic, they also tell the court, “Debtor’s management has also been discussing the sale process with the notable authors, […]
Amazon Announces New Book Sale
Amazon is lauching a book sale that will run May 15-20 coinciding with the beginning of summer reading. Deals will include “up to 50% off print best sellers and up to 80% off eBooks” as well as special offers on trending TikTok titles.
Tattered Cover Hopes For New Owner by July
The owners of Tattered Cover filed another amended reorganization plan with the bankruptcy court on Friday, affirming that the new “plan requires debtor to sell all or substantially all of its assets.” CEO Brad Dempsey tells the Denver Post they have a number of prospective buyers for the bookseller: “I’m very comfortable that we have really solid interest in this and it ranges from individuals to corporate entities that I think do have the wherewithal.” Dempsey adds, “Right now our projection is that we would try to have final bids in by the end of May, the auction by the first […]