Borders Group, which has slowed payments to some suppliers and is negotiating with suppliers about changing terms, has been "in discussions" with Wall Street firms that specialize in financial restructuring plans as well as bankruptcies, including Jefferies & Co., according to the Wall Street Journal.
One Wall Street source said that "Borders doesn't currently have plans to bring aboard bankruptcy and restructuring lawyers... and doesn't contemplate filing for bankruptcy at this time."
The company is also talking with GE Capital about new debt that would replace the revolving credit line of $970 million that GE Capital, Bank of America and others gave Borders last year.
"We are seeking to restructure our finances and are not in a liquidity crisis," a Borders spokesperson told the paper.
On Friday, Borders stock rose 6.9% to 92 cents a share on the news.
Read Booksellers, which opened in Danville, Calif., in November 2009, has been sold to Larry and Patricia Cobabe, owners of G.R. Doodlebug, the toy and gift store next door, the Oakland Tribune reported.
"We're pretty excited about this," Larry Cobabe told the paper. "It's going to remain a bookstore, as it's been since the beginning. We're opening a wall between the stores soon and the bookstore will actually be a little bigger than it is now. Our goal is to have the work done in January but it's dependent on the drawings and the permits."
The bookstore staff has stayed and programming has continued uninterrupted.
For the past month, customers attempting to enter indie bookstore DIESEL, Malibu, Calif., have had to use a variety of entrances, thanks to renovation work at the Cross Creek shopping center. But Los Angeles Observed
noted that "on a recent weekday, DIESEL was humming, filled with
browsers and buyers, people who still read books, not in pixels but in
Brett Wickard, owner of Bull Moose
music shops, "is defying logic" by "going after book buyers who are
seeking the low prices they can get on the Web but who want to support a
local merchant and enjoy the bookstore experience," the Associated
Press (via the Reading Eagle) reported.
Moose has 10 music stores in Maine and New Hampshire, with annual
revenues between $15 million and $25 million. The AP noted that "Bull
Moose--which originally started as Bull Moose Music but dropped the last
word after branching out--first added books in a big way in February
when it expanded its store in Bangor and created 3,000 square feet
devoted to the printed page. Sales there were so good that Wickard
decided to expand into books in Scarborough, his largest store."
anticipates that book sales will account for 20% of the Scarborough
store's revenues in 2011, and is exploring the possibility of adding
books at his other stores. "Running a business is a lot like running in
front of a steamroller," he said. "If you don't keep running, you'll get
The Huffington Post featured a wine country tour of California's Santa Ynez Valley, which the "movie Sideways put... on the map." Among the highlights was a stop at the Book Loft
in Solvang, which was first settled by Danes and continues to have a
Danish theme: "Where else would I find an entire section devoted to
Viking literature? I easily lose all track of modern time in this combo
coffee house, Hans Christian Andersen Museum, and bookshop."
Developer Craig Ustler told the Orlando Sentinel
that the spirit of former indie bookstore Urban Think!--which closed
last year--will live on as Urban ReThink, scheduled to open next month.
The Urban Think! Foundation's nonprofit center "will be a place for
'co-working'--a term coined for providing common office space rented out
by independent professionals, often creative or technical types, who
ordinarily would work at home or meet clients at Starbucks," the Sentinel reported.
"The model of selling books has just changed," Ustler said. "We needed to get the books out of the way.''
Doggone cool idea of the day: this coming Saturday, Vroman's Bookstore, Pasadena, Calif., and the Pasadena Humane Society are sponsoring their third pet adoption fair. Vroman's is offering gift items for pets at a 20% discount and is holding a raffle for a free copy of Adopting Pets for Dummies. The Humane Society will feature dogs and cats ready for adoption. Soda sales proceeds will go to the Humane Society.
In the Downers Grove Patch, Kim Lovejoy-Voss offered a first-hand account of pitching her book idea at the Pitchapalooza held last week at the Anderson's Bookshop in Downers Grove, Ill. One of several Pitchapaloozas for Workman's The Essential Guide to Getting Your Book Published: How to Write It, Sell It and Market It... Successfully! by Arielle Eckstut and David Henry Sterry (Shelf Awareness, November 9, 2010), the Anderson's event also featured the following local publishing people on the judging panel: Dominique Raccah, president and publisher of Sourcebooks, Joe Durepos, senior acquisition editor at Loyola Press in Chicago, and Wendy McClure, senior editor at Albert Whitman and Co.
At Anderson's, 25 people won the opportunity to pitch their idea. Lovejoy-Voss wrote: "Well, I didn't bomb. I carefully read my pitch, heard a little laughter at certain parts and then waited for the criticism to start. To my surprise, they actually liked what I had to say and how I presented my story, asked if it was based on my experiences and then said, although the presentation went well, my ending fell a little flat. Having worked with editors who have critiqued and changed my newspaper stories for over 30 years that was criticism I could live with.
The Daily Beast offers "the 21 books that you won't want to miss in 2011."
In the Huffington Post, Melanie Benjamin reflected on author tours, especially the difference between the one she put together herself several years ago and the one she starts on today for Alice I Have Been, the subject of a Shelf Awareness Maximum Shelf issue on October 26, 2009, and now out in paperback:
"There's a world of difference. Of course, there is. And when you're fortunate enough to have written a book that people have actually heard of, well--there's an entire universe of difference.
"My publisher, smartly, builds my bookstore appearances around ticketed events; literary foundations, museums, with lecture series who invite me to appear. These events come with some ready-made publicity, as well as ready-made audiences.
"I've also learned to listen to my publisher. When a bookstore contacts me personally about an appearance, I pass the request on to my publicist. Only once did I ignore her advice and do an event anyway.
"Only the janitor showed up."
Book trailer of the day: The Emerald Atlas
by John Stephens (Random House).