Books-A-Million will replace Borders in 14 locations

Let's replace a bookstore that wasn't doing well with another bookstore that's doing so-so.  Only in the publishing industry, right?

"Monday was a big day for Books-A-Million. The retailer won court approval to take over the leases of 14 Borders locations and also named Terry Finley president, succeeding Clyde Anderson who will remain chairman and CEO.

Late last week, BAM agreed to pay $934,000 to assume the Borders leases--if it received quick court approval--and expects to take over control of all locations no later than October 1. The new stores move BAM into some new states, including New England.

BAM’s new president has been a longtime employee of the company, joining BAM in 1992. Finley, who also adds the chief operating officer title, had been executive v-p, chief merchandising officer."

Read more at Publishers Weekly

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It’s official: Borders is going out of business | TeleRead: News and views on e-books, libraries, publishing and related topics

It’s official: Borders is going out of business | TeleRead: News and views on e-books, libraries, publishing and related topics:

"The New York Times reports that Borders has called off tomorrow’s auction and will move forward with submitting the liquidation plan it has worked out with Hilco and the Gordon Brothers Group. If the federal judge approves the plan on Thursday as expected, the company will start closing stores this Friday, and continue liquidation through September. Borders has 399 stores still open, and employees 10,700 people.

The Times also points out that Borders’ death may have ripple effects in the publishing industry:

Publishers said with Borders gone, they would plan for smaller print runs and shipments. Employees at major publishing houses worried that layoffs could be imminent, as many companies have dedicated staff members that work only with Borders.

The closing could have a particular impact in paperback sales. Borders was known as a retailer that took special care in selling paperbacks, and its promotion of certain titles could boost them to best-seller status."

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Penguin's Parent company buys Borders

Well this is fun news.  Looks like Borders will be rescued...at least in Australia.  TeleRead announced this today here.  Of course, there's always a tiny sour note with every good one.  This little deal is being investigated to make sure Penguin is monopolizing the book industry out yonder.

"While Amazon was buying up The Book Depository, Pearson Australia, the parent company of Penguin Books, was busy negotiating with REDgroup to buy Australia’s Borders and Angus & Robertson websites. Other booksellers are now calling for an investigation by the Australian Competition and Consumer Commission (ACCC) to ensure that the deal won’t give Penguin an unfair competitive advantage in the tightly controlled Australian market.

From The Canberra Times:

"The acquisition, which has been in the works for just three weeks and is due to take effect on July 28, indirectly places one of the nation’s largest book publishers in competition with its core group of existing customers, bricks and mortar bookstores." "

Continue reading here.
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