If only Borders could bring the same energy and focus to their business plan that they’ve brought to incentivizing their leadership, they might have a chance for survival. After additional revisions and negotiations, a Federal bankruptcy court approved Borders’ executive bonus plan on Friday. The disbursement of up to $6.6 million in management bonuses for ten executives (40% of their base salary) and five senior executive bonuses (55% of base salary) is contingent on Borders reducing its annual rent by $10 million for each of 2011 and 2012, and the court approving a sale or reorganization plan by November 16. […]
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Mehta Honored at LBF
At a lunchless lunchtime presentation at the London Book Fair today, longtime Knopf Publishing Group chairman and editor-in-chief Sonny Mehta was honored with the LBF’s Lifetime Achievement Award in International Publishing. In accepting the honor, Mehta said: “My own view is that awards should be given to writers, not publishers, so today I want to celebrate the writers I’ve had a hand in publishing, recognize the agents who brought their works to me, and trumpet the heroic efforts of my colleagues, first at Pan and Picador, and now at Knopf and Doubleday.” More broadly, Mehta suggested that “the universality and […]
Coming May 3: $114 Kindle With Ads on Home Page, Screen Savers
Amazon announced Monday that it will issue a “new” edition of its wi-fi Kindle priced at $114, $25 less than the going rate for the current wireless edition. The catch–or hook, depending on your vantage point–is that this edition, which ships starting on May 3, will feature Special Offers, the retailer’s preferred name for ads that will run on the e-reader’s home page and screen savers. Among the deals on offer for the first few weeks include discounted Amazon gift cards, discounts on other Amazon products like jeans and swimsuits, and free gifts for signing up for an Amazon Rewards […]
Briefs: US Trustee Objects to Borders Executive Bonuses; Indigo Faces Its ‘Starbucks Moment’; Kobo European Push; and More
Last week Tracy Hope Davis of the US Trustee’s Office filed an objection to Borders’ plan to pay executives up to $8.3 million in bonuses on the grounds that the bonus motion “is premature and should not be granted.” Borders had characterized the bonus plan as “providing necessary incentives” but the Trustee’s Office felt “there is no information that explains what extra services the insiders would perform beyond their ordinary job duties or a detailed description of the nexus between the supposed incentives and the payment trigger.” In addition, Davis said, the motion “provides no financial performance metrics nor are […]
Briefs: A Million eBook Sales for ‘Dragon Tattoo’; Legal Action Against Breakaway Angus & Robertson Franchises; and More
Knopf says that Stieg Larsson‘s The Girl With the Dragon Tattoo has sold over a million eBook copies, and adds to us that The Girl Who Kicked the Hornet’s Nest will reach that same milestone next week. (No word, however, on which e-vendor sold the millionth copy.) NYT Earlier this week a number of Barnes & Noble executives each disposed a small amount of stock at $9.18 per share, according to a number of SEC filings. Leading the group was Stephen Riggio, who decreased his total holdings by 3,136 shares to 96,924 shares. REDGroup administrators Ferrier Hodgson have taken their […]
Still in the REDGroup: More Borders Stores to Close; Whitcoulls Airport Stores Sold
The REDGroup Retail bankruptcy march continues, as administrators Ferrier Hodgson announced today that they will close 16 more Borders stores in Australia over the next 8 weeks, with 510 staffers expected to be laid off. The closings will leave just 9 Borders stores left on the continent. In addition, Ferrier Hodgson sold 10 Whitcoulls airport stores to Australian-based travel retail specialist LS Travel Retail Pacific for an undisclosed sum. The shops at four New Zealand airports will be rebranded under the Relay name over the next few weeks. Bookseller+Publisher National Business Review