Rowman & Littlefield announced it has acquired the assets of cookbook publisher Gooseberry Patch, which has been a longtime distribution of R&L’s National Book Network (NBN). Gooseberry Patch will operate as part of Globe Pequot, which R&L acquired in 2014, and Gooseberry coo Liz Plotnick-Snay will continue to oversee the line of over 200 titles. San Francisco bookstore Borderlands announced on its website that it plans to close “no later than March 31,” blaming the city’s new minimum wage law passed last November. “Although all of us at Borderlands support the concept of a living wage in principal and we believe that it’s […]
Finance
Andersons Offer to Take Books-A-Million Private — For Less Than Dropped 2012 Proposal
With Books-a-Million stock languishing since last summer, trading for around $1.70 a share, on Thursday evening the controlling Anderson family offered again to buy out the other shareholders and take the company private. The non-binding proposal from executive chairman Clyde Anderson on behalf of the family offers $2.75 a share for the shares. In April 2012 the family offered to pay $3.05 a share. After shareholders objected to what they considered too low a price, in July 2012, “after discussing the proposal with the special committee of the company’s board of directors and its advisors, the Anderson family…decided not to pursue […]
Germany’s Txtr Files for Insolvency
German ebook solutions and services provider Txtr filed for insolvency proceedings with a German District Court, which has appointed a provisional administrator to oversee the sale of the company’s assets. People familiar with the situation say that Txtr had been exploring a sale in recent months, and it’s now expected that their assets will be sold from within the bankruptcy estate. In a statement, Txtr said it is working with Olswang Restructuring Solutions and “will continue to search for an acquirer,” indicating that “a number of companies have expressed interest in txtr’s business, technology, organization and user base.” For now, the company says, “there is […]
Courier Will Weigh New Bid from RR Donnelly
Following Courier Corp.’s definitive merger agreement with Quad/Graphics, on Tuesday morning competitor RR Donnelly made a higher, unsolicited buyout bid, offering $23 a share — $2.50 more per share (or approximately $15 million higher) than the Quad/Graphics payment. Already facing the typical shareholder “investigations” over the Quad/Graphics merger, Courier announced Wednesday morning that the board will “conduct negotiations and discussions with Donnelly.” They have already made the logical conclusion that Donnelly’s offer is “reasonably likely to result in a ‘Superior Proposal'” as covered in their Quad/Graphics agreement. Courier can break off that deal but would have to pay a $10 million termination […]
Announcements: Oyster Adds Harry Potter, R&L Buys Chase’s
eBook subscription service Oyster announced on Wednesday morning that they have added the Harry Potter series to their collection, along with 3 Hogwarts Library titles. Amazon first licensed the Potter books from Pottermore for borrowing in May 2012, originally on an exclusive basis “at least until 2014,” for inclusion in their Kindle Owner’s Lending Library across five languages. When the company launched their broader ebook subscription service Kindle Unlimited in July 2014, the Potter books were featured prominently in that program as well. Chase’s Calendar of Events, a fun, quirky property databasing all manner of holidays, daily observances and commemorations that […]
Publishing Technology Realigns Revenues, Negotiates with New Investor
Software and services provider Publishing Technology announced that their recognized revenues and operating loss for 2014 will be “materially below market expectations.” One part was planned, as the company implemented a realignment of revenue recognition that reduces 2014’s results and will boost sales and margins in 2015 and 2016. The second part, however, is attributed to “one major advance project, the scope of which has changed since inception.” Separately, the company said it “is in early stage discussions with an overseas third party” interested in making “a substantial investment” in Publishing Technology. They are discussing the sale of “a considerable minority interest,” via the issuing […]