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, […]
Finance
Two Landlords Seek to Stop Borders Closings
Borders cancelled their planned liquidation sales of some dozens of stores, but the bookseller is preparing to close at least a couple of additional locations, and those landlords are challenging those plans in court. As we reported earlier, the manager of Borders Downtown Crossing store indicated that his location is preparing to close shortly (and was not dependent on the recent court motions). The landlord tells the court they did indeed agree to Borders requested extension to accept or reject their lease “on or about April 18.” Apparently Borders wants to proceed with closing a Borders Express in Key West […]
Borders Cancels Store Liquidation Auction; Says New Financing Amendment is Pending
Borders’ warning that it might have to close dozens of some of its best store locations seems to have worked. On top of the 11 announced extensions of the deadline to accept or reject leases, the company filed a new motion late Wednesday with the court canceling the intended auction among liquidators that had been scheduled for June 16. After “extensive negotiations,” the filing says they “believe [they] have reached an agreement in principle” with both their lenders and the unsecured creditors committee “regarding an amendment to the DIP facility which would alleviate the need to conduct” the store closing […]
Bookselling: Australian Minister Thinks Online Sales Will Eliminate Most Bookstores In 5 Years, and More
Australia’s Minister for Small Business Nick Sherry said in a speech in Canberra today that he believes it is “inevitable” that online shopping would wipe out general bookstores within five years, leaving only specialist shops in capital cities. Sherry’s comments, which took place at a private sector initiative designed to encourage small business owners to boost their online presence, come in the midst of REDGroup Retail’s ongoing bankruptcy and the selloff or shutdown of various Borders and Angus & Robertson stores in the country. Steve Belton, manager of the Paperchain Bookstore at Manuka, told the Sydney Morning Herald he was […]
People, Etc.: Columbia Acquires Wallflower Press, and More
Columbia University Press has acquired UK publisher of peer-reviewed books in film studies Wallflower Press Books. The unit had been a distribution client of Columbia’s in the North and South America. CUP president Jim Jordan says in the announcement, “When Wallflower Press found itself unable to sustain business on their own after some financial setbacks, we decided to explore an alternative to losing a client that had served us well for ten years. Acquiring the publishing rights to their list and creating the imprint is the best way to keep Wallflower Press’s outstanding list around for years to come.” Columbia […]
eNews: Amazon Cuts Ties to AR, CT Over Sales Tax; Kobo eBook Lending; and More
Add Arkansas and Connecticut to the list of states Amazon is cutting ties with over new sales tax laws. In Arkansas, where the law enables the state to charge sales tax on companies who exceed $10,000 in annual sales, Amazon notified associates by email that it would terminate their contracts on July 24. And in Connecticut, affiliates will be cut off “effective immediately,” per a separate Amazon email. AP UPI Kobo is said to be preparing its own ebook lending and self-publishing services to launch before the end of the year. GoodeReader Waterstone’s sale to Alexander Mamut will not affect […]