As Borders prepares to auction off what it hopes will prove to be valuable intellectual property, including its Borders Rewards customer data, the company has gone to court to protect those assets from infringement by a former Borders vendor. The complaint filed in New York bankruptcy court charges that Next Jump, the company hired in 2007 to operate Bordersrewardperks.com–a website to provide rewards from third-party vendors to Borders customers–has used its access to the book chain’s customer list to steer half a million people or more to a separate website, OO.com, owned by Next Jump. Significantly given the upcoming auction, Borders says […]
Finance
Triumph Exits Random House; Bloomsbury Buys Absolute Press
Following the buyback earlier this summer of The Monacelli Press from Random House, sports-focused publisher Triumph Books is also exiting the trade conglomerate to reestablish itself as an independent publisher. President and publisher Mitch Rogatz is buying the company back with the help of an unidentified investor, effective September 1. Random House purchased the unit, which was founded in 1989, in 2006. The newly independent Triumph will be distributed by Independent Publishers Group (IPG). In acquisitions, Bloomsbury has acquired cooking publisher Absolute Press. Specialist publisher Janet Murphy will manage the unit at Bloomsbury, along with the nautical, sports and natural […]
BAMM Gets OK To Take Over Borders Store Leases; Promotes Finley To President & COO
On Monday afternoon in federal bankruptcy court Judge Martin Glenn gave his approval for Books-A-Million to take over 14 of Borders’ store leases by September 20 after some objections, mostly to do with how much money BAMM must pay landlords, were worked out. “I’m glad that everyone was able to work out the objections,” Judge Glenn said, according to a report from Dow Jones. Books-A-Million also announced that Terrance Finley had been promoted to president and coo of the company, replacing Clyde Anderson, who relinquished the role (though he remains ceo and chairman.) Finley was previously EVP & chief merchandising […]
Chorion Reportedly Close to Bankruptcy After Two Key Executives Resign
Literary brand management company Chorion, which controls the rights to the estates of Agatha Christie, Raymond Chandler and other notable crime writers, along with UK children’s properties like Noddy and Mr. Men, may be forced into administration by its lenders after failing to raise funds, according to a report in the Sunday Times. Though the paper indicated that Deloitte has been retained to oversee a potential bankruptcy “as soon as this week,” the Telegraph quotes a “source close to one of the banks” as indicating that several options were being considered. “Administration is not something we are about to push the […]
Bookselling: Nebraska Book Company Gets Bankruptcy Plan OK; Easons Plans Layoffs and Store Closings; and More
A Delaware bankruptcy court granted approval to the Nebraska Book Company to seek votes from creditors on its reorganization plan, which would give control of the company to holders of more than 95 percent of its 8.625 percent senior subordinated notes and more than 75 percent of its 11 percent discount notes, the Lincoln Journal-Star reports. Secured lenders and noteholders would be paid in full with cash, and so long as equity holders don’t object to the plan, “they would get warrants to purchase 3 percent of the reorganized company’s equity at an enterprise value of $500 million, and 5 […]
BAMM Now Set to Buy 14 Borders Store Leases
Books-A-Million’s original plans to buy as many as 35 stores from Borders fell through in July, but now the two retailers are trying again – albeit for a smaller number of stores this time. Documents filed in federal bankruptcy court late Wednesday indicate that BAMM has reached a deal for $934,209 to buy 14 superstores and small format stores from Borders, as well as assume responsibility for the leases. That amount comprises $184,209 to pay for cure costs to the landlords (which BAMM would pay upon the deal closing) and $750,000 for the stores and lease agreements themselves. The deal […]