Borders Group is moving closer to liquidation after a Sunday deadline passed with no new bids and after Najafi Cos. said it will not participate in tomorrow's auction, meaning that the only solid bid is from liquidators who intend to shut all of Borders's remaining 400 stores, about two-thirds of them superstores.
A last-minute offer for Borders can still be made and, according to the Wall Street Journal, Borders is talking with several potential buyers, including Books-A-Million. BAM has some 230 stores and has slowly expanded outside its Southern base.
Borders received "some inquiries over the weekend," the Journal stated, and president Mike Edwards said, "Hopefully we'll see a positive outcome."
Jahm Najafi, head of Najafi Cos., which had made an offer to buy the company for $215 million and the assumption of $220 million in debt, told the Journal that he had offered to change the part of the deal the unsecured creditors committee didn't like--his option to shut down as many stores as he wanted--in exchange for being able to buy books from publishers under normal terms. One major publisher insisted on continuing to sell on a COD basis, and the deal collapsed.
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Follett Corp., which manages more than 850 college bookstores and provides services to some 1,800 independently run college stores, has put itself up for sale, according to dealReporter (via the Financial Times). Follett is also a major educational and software publisher and has annual sales of $2.7 billion.
Two bankers told dealReporter that Credit Suisse is advising Follett on a sale, which may be for the entire company or any of its six divisions. The company is meeting with potential buyers at the end of the month.
The bankers said that potential buyers include Pearson, McGraw-Hill, News Corp. and private equity firms.
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Harry Potter and the Deathly Hallows: Part 2, which opened Friday, broke all kinds of records over the weekend, in a magical tale told by the New York Times.
The box office in North America was $168.6 million, a weekend record that broke the old record set by The Dark Knight. Friday's take of $92 million in North America--which included $43.5 million at midnight screenings--was a new one-day record, beating The Twilight Saga: New Moon.
Worldwide weekend sales were $476 million, and the eight Harry Potter movies have now sold more than $7 billion in tickets.
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We've had a great response from booksellers, librarians and bloggers who embedded our widget on their sites. The widget asks readers to sign up for the new Shelf Awareness for Readers and then enters them to win a signed first edition of a handpicked book. This week, the widget automatically updates with a staff fave, Tom Perotta's The Leftovers (St. Martin's), "where suburban angst meets the Rapture." To download the widget, go here.
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Books-A-Million is converting one of its Books & Co. stores into a 2nd & Charles branch, the Dayton Daily News reported.
This will be BAM's third 2nd & Charles store; the brand specializes in used and bargain books, CDs, DVDs, videogames, electronic devices and more. The Books & Co. store at the Town & Country Shopping Center in Kettering, Ohio, near Dayton, closed yesterday and will reopen as a 2nd & Charles early next month. The Books & Co. at the Greene in Beavercreek, also near Dayton, remains a bookstore.
In 1992, BAM bought Books & Co., then a highly regarded independent, in one of the few cases of a chain buying an independent.
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To mark the 60th anniversary of the publication of J.D. Salinger's The Catcher in the Rye, Larry Hughes has reposted on his blog--Classics Rock! Books Shelved in Songs--a list of songs inspired by the novel, with additional Salinger-related songs suggested by readers. (For example, how do the song titles "Rollerskate Skinny" and "The Secret Goldfish," or the band name Pencey Prep, derive from The Catcher in the Rye?)
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Congratulations to the Harvard Book Store, Cambridge, Mass., named Boston's best bookstore by the Improper Bostonian. The magazine said that the store is "a prime people-watching spot, sure, but the real fun to be had at this Harvard Square favorite is on the shelves. While so many other bookstores have yielded up the ghost, this indie institution keeps up a spirited defense against obsolescence, not by selling Blu-rays and toys, but through an astounding selection of titles, impressive guest speakers and a used section that's second-to-none."
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Book trailer of the day: Bright's Passage by Josh Ritter (Dial Press), in which the singer rounded up friends, family and fans to do a reading of the first chapter of the novel.
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Flavorwire showcased "10 unconventional bookstores for your browsing pleasure."
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NPR's Weekend Edition profiled the University of Virginia's Rare Book School, which owns "about 80,000 publications and print-related materials. And while some of those items are quite valuable, Michael Suarez--director of the Rare Book School--wants students to be able to handle them so they can better appreciate the history of paper, binding, typography and illustration."
"We insist that students touch and smell and shine light through items, and investigate them to understand the book in history, and understand the book as history," said Suarez.
After a week of intensive studies, students emerge "with a wealth of information and confirmed in their passion for books," Weekend Edition noted. "One of the most valuable things about this program is who you meet, and it's really nice to kind of have raw, distilled bookishness," said Eric Johnson, a curator of books at Ohio State University.
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Jane Austen's bestseller. You only have to sell one copy of a book to make a million... if it's the right book. The Watsons, an unfinished manuscript by Jane Austen (Shelf Awareness, July 13, 2011), sold at auction last week for more than £990,000 (US$1.6 million). BBC News reported that the privately owned manuscript, which Sotheby's had valued at less than £300,000, was purchased by the Bodleian Libraries of Oxford.
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The Guardian featured a list of the "best summer reads--and where to read them," in which a "panel of experts picks the perfect books to read in the top 10 holiday destinations for Brits."
Also getting into the spirit of the season was the Independent, which offered a "guide to holiday novels that work as well on the seafront as they do back at home. Just don't call them guilty pleasures, okay?"
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Canine bookends of the day: Buzzfeed noted that it's "always nice to include your pets in household duties."
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Allison Elsby has joined Chronicle Books as director of distribution client services. She was formerly director of merchandising at Borders Group.