Amazon is about to set up operations in India, possibly within the next six months, having reportedly filled the position of head of book operations there and embarking on a hiring spree for additional positions. Plugged.in Borders will close two more Express stores in Oahu, Hawaii later this year, which will leave only three stores remaining open in the state. 20 staffers will be laid off. “Without rent concessions, which we have been trying to negotiate, they are unprofitable locations,” spokesperson Mary Davis said in an email to the Honolulu Star-Advertiser. “Generally speaking, we try to place impacted employees at […]
Borders
Borders Loses Another $35 Million in May As Sales Talks Intensify
The intensified need for a sale and last-minute maneuvering to get its debtor-in-possession loan extended make all the more sense in light of Borders’ earnings report for the first 28 days of May. The company lost another $35.4 million during that period, of which a little more than half – $18.1 million – came from continuing store operations, with the rest owing to reorganization fees. That means Borders has now lost more than $191 million since filing for Chapter 11 in February. Total revenue for the month was $97 million. But you’d never know if you were reading ceo Mike […]
Borders Reaches Deal With GE Capital, Will Name First Bidder By July 1
In court papers filed late Friday, Borders said it has reached an agreement with GE Capital on a new amendment to its debtor-in-possession loan that will allow more than 40 stores whose landlords had not granted more time for the company to accept or reject leases to remain open. Borders said the agreement “enable [them] to commence and consummate a coordinated dual-track sale process for the sale of their businesses by the end of July.” In addition, Borders said it’s expected to name a stalking horse bidder on or before July 1, and has scheduled an auction on July 19, […]
Taschen Opens Store in Chicago’s Art Institute; More Borders Stores Get Deadline Extensions
Taschen will open a new store in Chicago’s Art Institute, which has set aside about 30 percent of the museum stores reconfigured book section for the specialty publisher. It’s the first time Taschen will operate a store as part of a museum and a way for the company to test the Chicago market. “The million-dollar question is would we do this in other museums,” Creed Poulson, spokesman for Los Angeles-based Taschen America, told the Chicago Tribune. “We would certainly be open to that. We’re very eager to see how this plays out.” Tribune Borders has been granted more time on […]
Bookselling: Six Stores Saved From Borders Chopping Block, For Now; New Foyles Location; and More
In court papers filed Friday, Borders said that it had come an agreement with landlords of six stores to get more time to accept or reject leases. The stores in question are at Boston’s Logan International Airport, Raleigh-Durham Airport, two locations in Detroit Metro Airport and stores in Westland, Michigan, and Mansfield, Connecticut. Borders is also awaiting court approval of an agreed-upon extension for its Mt. Kisco, New York store. Reuters Foyles will open its newest (and seventh) store at the Westfield Stratford City shopping center, close to the site of the 2012 London Olympics. Independent Crain’s Detroit published a […]
Borders May Close Up to 51 More Stores to Avoid Defaulting On Latest Loans
As potential bidders emerge for more than 200 of Borders’ superstores in a deal the company hopes will close in the next two to four weeks, the retailer may need to close an additional 51 stores and liquidate assets to avoid defaulting on their debtor-in-possession loan in the meantime. According to a motion filed in court Thursday morning, the move may result in worse terms for creditors, since the closed stores would not be available for sale to a bidder–and at least some of them are stores that “buyers have indicated that they also wish to purchase.” Though Borders hasn’t […]