After months of fighting over sales tax issues, Amazon appears to be close to a deal with the state of Texas that would see Amazon creating more than 5,000 jobs and invest $300 million in the state over the next three years, so long as Texas exempts Amazon from paying sales tax for the next four and a half years. The proposal, which does not explicitly name Amazon but , is attached to a state Senate fiscal matters bill that must be passed in order to balance the next fiscal year budget. It would also not exempt Amazon or any […]
Legal
Borders Loses Another $35 Million in May As Sales Talks Intensify
The intensified need for a sale and last-minute maneuvering to get its debtor-in-possession loan extended make all the more sense in light of Borders’ earnings report for the first 28 days of May. The company lost another $35.4 million during that period, of which a little more than half – $18.1 million – came from continuing store operations, with the rest owing to reorganization fees. That means Borders has now lost more than $191 million since filing for Chapter 11 in February. Total revenue for the month was $97 million. But you’d never know if you were reading ceo Mike […]
Borders Reaches Deal With GE Capital, Will Name First Bidder By July 1
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, […]
People, Awards, and More: McCann Takes IMPAC
People In the UK, publishing director of Transworld’s crime and thriller books Selina Walker will move over to become publisher for Century and Arrow, starting in mid-July. At Transworld, editorial director Sarah Adams will take over Walker’s role; Cat Cobain is being promoted to publishing director of the women’s fiction list; and nonfiction editor Sarah Emsley is moving up to senior editorial director. At HarperCollins, Leah Wasielewski has been promoted to senior director of marketing for Harper, Harper Business and Broadside Books. Bloomsbury sub-rights manager since 2006 Lauren Shekari has left the company. In disclosure forms, Massachusetts Senator Scott Brown […]
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 […]
Borders May Close Up to 51 More Stores to Avoid Defaulting On Latest Loans
As potential bidders emerge for more than 200 of Borders’ superstores in a deal the company hopes will close in the next two to four weeks, the retailer may need to close an additional 51 stores and liquidate assets to avoid defaulting on their debtor-in-possession loan in the meantime. According to a motion filed in court Thursday morning, the move may result in worse terms for creditors, since the closed stores would not be available for sale to a bidder–and at least some of them are stores that “buyers have indicated that they also wish to purchase.” Though Borders hasn’t […]