Per our report yesterday that additional executives were leaving Borders beyond the two names disclosed in Monday’s SEC filing, the WSJ reports that the recent high-level job reductions also include svp for business development Larry Norton, svp for marketing Bill Dandy, and vp of real estate Tony Grant. Separately, anonymous Borders employees say via an online message board that three of five regional vice presidents were also let go. They report that in a conference call among general managers, employees were told the store network has been rezoned into just two regions. The NYT adds that publishers indicate Borders executives […]
Finance
Borders Counsel Carney and CIO Laverty Both Resign; Ingram Says They Will Keep Shipping
Just as Borders is preparing for complex negotiations with vendors and lenders, they will be doing so without the assistance of EVP, general counsel Thomas Carney, who has served as the bookseller’s top attorney since 1994. He resigned on Sunday, noted by Borders in a terse SEC filing after the close of the market yesterday. SVP, chief information officer Scott Laverty resigned as well, on Monday. Laverty joined the company in May 2009, charged with overseeing the “overall vision, strategic direction and tactical execution of all information technology systems and solutions.” Spokesperson passes along the company’s statement: “As previously reported, we are […]
How Borders Negotiations’ Might Go
Last Friday Borders’ stock fell over 22 percent on the news of delayed payments to major vendors, taking share below the one dollar minimum required on a long-term basis for listing on the New York Stock Exchange. Borders spokesperson Mary Davis confirms our report from Thursday based on discussions with some of those vendors that the Borders executive team will be in New York this week to negotiate with the publishers whom they owe money. (While the company is in continuing discussions over replacement financing, Davis says this week’s New York meetings are focused on publishers only.) NBN head Jed […]
The Grinch Goes to Borders, As Major Vendor Payments Are Delayed
Borders warned investors on December 9 that they faced a potential “liquidity shortfall” in early 2011 and within the last 24 hours that warning has turned into reality for some of its major supporters–including big publishers. People familiar with the communications tell us that Borders ceo Mike Edwards contacted some publishers recently to indicate that Borders would be postponing payments due, now that the holidays are over. The Borders executive team is due in New York in early January, we are told, both to discuss next steps with major vendors and to present their case to banks and investors. According […]
Skyhorse Buys Sports Publishing Assets, Prepares Children’s List
Skyhorse Publishing has purchased the assets of Sports Publishing, which went bankrupt in 2008. That gives them rights to over 700 books, including works by Michael Phelps and Dick Vitale. They will relaunch Sports Publishing as a new imprint with 40 revised and updated titles in fall 2011. In the same season, the company will launch a new children’s imprint, Sky Pony Press. They expect to start with 15 to 20 titles. Former publisher and founder of Millbrook Press Jean Reynolds is serving as consulting editor. The company says sales for 2010 were up more than 60 percent over 2009.
Canada’s Doubleday Book Club Closes As Direct Brands Unit Goes Bankrupt
Direct Brands’ Canadian unit DB Media has filed for bankruptcy and the administrator told employees yesterday that the unit is ceasing operations immediately and all jobs are terminated, putting about 100 people out of work. The Canadian book club operated as Doubleday Canada, and the other major unit used the Columbia House name. In an e-mail to the Toronto Sun, Direct Brands ceo Deborah Fine referred to it as a “strategic decision to close the Canadian operation.” To avoid any confusion, the Random House Canada underscored in a brief statement that their line “is very much in active business and […]