Following quickly on a WSJ advance report Thursday that was slightly off, “funds advised by” Elliott Advisors in the UK have an agreement to buy Barnes & Noble for a modest $6.50 a share. That’s about $476 million to purchase the shares outstanding, plus the assumption of long-term debt makes the cash purchase “valued at” approximately $683 million. Barnes & Noble shares are trading at about $6.60 in the first hour — perhaps accounting for the quarterly 15 cent dividend they still get to pay out before the deal closes, though also possibly indicating an expectation from some investors for […]
Bookstores
Booksellers Discuss Health Insurance, Wage Pressures, Direct Publishers Sales and More
The American Booksellers Association’s annual Town Hall meeting at Book Expo always provides an interesting window into the issues on booksellers’ minds, and this year’s version was focused squarely on practical matters. First and foremost, booksellers wanted to know what happened to two promised initiatives from the past: Affordable group health insurance for booksellers and their employees, and the launch of a US version of Batch, the UK’s centralized digital invoicing and payment system. ABA ceo Oren Teicher said, “There is nothing more that I want to get done while I’m still at ABA than for stores to have access […]
Books Are Sidelined at the Expo, But ABA Membership Has Modest Gain
The AP runs their traditional Book Expo preview, and they concur with our advance piece on a quiet show that has a reduced profile for books, authors and publishers as “the sideline part of the business will be a main attraction.” Designed to appeal to a portion of the 1,000 or so booksellers who will attend, the AP underscores that sidelines comprise about 20 percent of store sales. The ABA will report annual statistics at the show. They have modest gains, adding a net 52 members to 1,887 in all. Member stores now comprise 2,524 locations, compared to 2,470 in […]
People, Etc.: Remembering Bernstein, and More
Georgia Bodnar has been promoted to editor at Viking. Amy Sun has been promoted to associate editor at Viking. Jeramie Orton has been promoted to associate editor at Pamela Dorman Books. John Glynn has been promoted to senior editor at Hanover Square Press. At Random House Children’s, in the marketing department, Elizabeth Ward has been promoted to director, digital strategy; Alison Folino to executive managing producer; Kristin Schulz to senior marketing manager; Jules Kelly to marketing manager; and Michael Caiati to senior marketing designer. In the art department, Xiomara Nieves and Melanie Bermudez both become senior designer. At Harper Children’s, […]
Penguin Random House Offers Program to Help Indies Transition from Baker & Taylor
Penguin Random House announced to independent booksellers who have been getting all of their inventory from Baker & Taylor an Indies Express program, following the news that B&T will exit trade distribution. The initiative promises individualized “live-person support” to “make the upcoming transition as easy as possible for you and your staff,” and is good through October 1. The offer includes a streamlined new-account application and credit-approval process, a lower unit-minimum on the first order, a dedicated PRH sales director “with expertise in helping B&T customers transition to ordering directly” and “dedicated PRH sales reps (community bookstore specialists) to help […]
How Does Indigo From Here, Really?
Last week the NYT ran a cheerful story on Indigo’s “ascendance” as a store that sells general merchandise to readers, and the opening of the first of a number of hoped-for US stores in New Jersey last year. CEO Heather Reisman is “already scouting locations for a second store near New York” and tells the paper, “We’ve been carving out our own approach to attracting readers.” She added, “We are the new guy,” then added, “Or new woman.” The profile is well deserved and any bookstore chain showing resilience is to be celebrated — but the touting of Indigo’s success […]