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 […]
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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
Bookselling: BN’s First YA Pick; Angus & Robertson Franchises Declare Independence; Store Closings; and More
The latest Barnes & Noble Recommends selection is a children’s book for the first time: Gary D. Schmidt’s middle-grade novel OKAY FOR NOW. Clarion says they have a 150,000-copy first printing and a ten-city author tour planned. A further twist in the ongoing REDGroup Retail bankruptcy saga comes from the 25 Angus & Robertson franchise stores, who have been unhappy with how administrators Ferrier Hodgson have been handling matters. So much so that the stores have exercised their right to terminate on the basis of A&R’s “continued breach of the franchise agreement”, according to The Bookshop Bowral owner Marie Fitzpatrick, acting […]
eNews: Harry Potter eBooks Now in Play; Europe’s Slow Start; and More
Last May JK Rowling‘s agents at the Christopher Little Agency upgraded their position on the possibility of Harry Potter ebooks from “monitoring” the field to “actively” evaluating and “”currently considering all the options and opportunities.” Now there is a fresh round of media attention as a spokeswoman for Rowling reiterates the same thing to the Daily Mail: “The ebook format is now something that is being actively considered.” Neil Blair from the Christopher Little Agency also stands on his previous remarks, saying “we are continuing with our evaluation of all options relating to Harry Potter ebooks.” The Daily Mail The […]
Briefs: Billy Joel Cancels Memoir; Open Road Projects $10M in Sales in 2011; and More
A little more than two months before HarperCollins was due to publish Billy Joel‘s memoir The Book of Joel, with a finished cover unveiled and a manuscript draft turned in, the book deal is off. “It took working on writing a book to make me realize that I’m not all that interested in talking about the past, and that the best expression of my life and its ups and downs has been and remains my music,” he said in a statement. Spokeswoman Tina Andreadis said that Joel’s memoir “was well into the editing process, but that Joel had not approved […]