While still denying that Borders UK is even up for sale and insisting that Clearwater Corporate Finance has been hired only to help “seek out funding opportunities,” it looks like the ailing chain may have a buyer, or at least a company ready to take it off their hands. The Independent reports that the private equity arm of restructuring company Hilco, Valco Capital Partners, “plans to acquire the entire shareholding of Borders UK and take the company forward.” Reportedly they are “offering to take on the Borders superstores, Books Etc and Borders Express shops in a deal that could save […]
International News
As Predicted, Commission Wants to End Books Protectionism In Australia After Three Years
Per our story yesterday, Australia’s Productivity Commission has indeed concluded that “restrictions on the parallel importation of books result in higher local book prices” and recommended an outright repeal, “with the industry having a period of three years to adjust before the changes take effect.” They do concede that enaction is likely to “cause some contraction or slowing in the growth in the book production industries.” If enacted, the $2 billion Australian trade market would become a significant growth market for exports from UK and US publishers. In balancing the decision, the commission suggests “that the current range of grants […]
Bookselling: Still Hoping to Finance Return of San Jose Store; UK Agents to Become Booksellers
San Jose’s independent store Willow Glen Books closed in May “because of decreasing sales and [owner Cathy Adkins] having to grapple with health issues,” but Roland Vierra is still working on a second attempt to get financing and start the store up again, in arrangement with owner Cathy Adkins. “Vierra said the owner of the building is willing to be patient while he works to get adequate financial backing to reopen the bookstore.”Business Journal In the UK, agents Sarah Lutyens and Felicity Rubinstein are opening a bookstore in London’s Notting Hill in October. They are recruiting a store manager now. […]
Spain's Three Biggest Publishers Form eBook Distribution Company
Planeta, Random House Mondadori and Santillana–which comprise 70 percent of the Spanish trade book market–have joined forces to set up an ebook distribution company. And apparently the three hope that together they can impose an economic model on the market–intending to sell ebooks at 80 percent of the print list price, paying royalty of 25 percent, and selling to booksellers at a 50 percent discount. But publishers intend to hold these terms only for two years, through 2011. Publishing Perspectives (the recently-launched newsletter from the Frankfurt Book Fair covering one issue of international interest daily, led by Ed Nawotka) reports: […]
More International News: Australian Restrictions Set to Fall; Chinese Kindle Clone; Borders UK to Close 5 Stores; and Three UK Papers Run the Same Story
In Australia, with a report imminent from the Productivity Commission on the country’s copyright laws that protect local book publishing from import editions, consumers are expected to win a bigger victory than initially anticipated. The Sydney Morning Herald “understands one of the proposals will be to free up restrictions on book imports, after a period of up to three years to give the industry time to adjust.” In a draft version of their recommendations in March the commission “said removing all import restrictions would damage the industry” and “advocated limits should apply for a year after a book was first […]
UK Rumor On Bloomsbury Sale
Bloomsbury’s stock “experienced unusually strong volume on Tuesday amid talk that Pearson was considering a bid,” the Times of London claims. Both companies are sitting on cash and have lower share prices: Bloomsbury’s market cap of 95 million pounds is less than one times Potter-free sales and the company had 50 million pounds in cash before announcing their most recent acquisition. Pearson, meanwhile, is said to have 580 million pounds in cash. Their shares showed a little life today after declining for a few months.Times Bloomsbury’s latest targeted purchase is Hodder Education’s higher ed textbooks covering media and communications, history […]