This Thursday, April 1, is the deadline for Borders Group to repay a $42.5 million loan from Pershing Square Capital Management, the company's controlling shareholder.
The AP noted that the credit facility's due date has been extended three times and could be extended again. "If Borders doesn't get another extension from Pershing Square and can't repay the $42.5 million or find financing from another source, it could sell a stake to another investor. Other options include filing for bankruptcy court protection, liquidating or selling itself whole."
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In raw video, see the Customer-in-Chief at Prairie Lights last Thursday.
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Smashwords, the free e-book publishing service, has come to an agreement for authors in its "premium catalog" to be available on Apple's
iPad. A Digital Book World story on the agreement also offers a look into how Apple iBookstore pricing is determined for e-books by Smashwords authors that have a printed version. (E-books without print editions can be priced at any level, even free.)
Under the plan, if the print edition is priced at $22 or less, the e-book price must be set at $9.99 for the first year after publication. After a year, the publisher can set any "realistic" price. E-books with hardcover versions priced between $22 and $40 must be priced at designated levels, approximately 50%–58% less than the print version. E-books with hardcover versions above $40 may be priced at any level. E-versions of trade paperback and mass market books priced above $22 may be priced at any level.
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Rueben Martinez has moved his Libreria Martinez Books & Art Gallery, Santa Ana, Calif., to a 3,000-sq.-ft. space with an art wall, a children's section, a classroom and room for haircuts (long a "sideline"), the Orange County Register reported. The store, which opens this coming Saturday, April 1, is in the Artists Village area, "a bustling corridor."
Martinez is also adding more English-language titles, will hold sidewalk sales, maybe sell online and offer more tutoring, English classes and citizenship classes.
Martinez, winner of a 2004 MacArthur "genius" grant, had already consolidated his children's store and adult store into one space a year ago (Shelf Awareness, January 27, 2009). He told the Register that sales "began slowing in 2005 and have not rebounded. Revenue is down by about half, as many former customers are now unemployed or spending less."
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Steven Elliot, owner of Falls River
Books, North Raleigh, N.C., plans to open a second shop in Durham
later this year, the Charlotte News & Observer reported. The
larger Northgate Bookstore will take over a vacant Walden Books location
at Northgate mall.
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The New Yorker's Book Club outlined a meeting of a book club at Words, Maplewood, N.J., which discussed Drive: The Surprising Truth About What Motivates Us by Daniel Pink.
Among the points: "Best Moment of the Night: The physician describing his realization that his staff was motivated not extrinsically by 'carrots and sticks' but by an intrinsic desire to help the practice's patients and how this realization has changed the way he manages his office."
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No Dog allowed. A popular
national book tour for TV's Duane "Dog The Bounty Hunter" Chapman has
apparently run afoul of Walmart's security policies in some locations.
The Murfreesboro, Tenn., Daily News Journal reported that the
Murfreesboro Walmart is among the stores that have had to cancel events.
Chapman,
author of the bestselling Where Mercy Is Shown, Mercy Is Given
(Hyperion), said he was informed the cancellations occurred because of
"security issues," according to the Daily News Herald. "They said
there were so many people showing up for the book signings that they
didn't have enough security to cover it."
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The Hartsville Messenger profiled Burry Bookstore, Hartsville, S.C., founded by Charles Burry and now owned by his daughter, Emily Burry Phillips.
Phillips told the paper that customer service is a major emphasis for the store. "We try to provide the services and knowledge they need, so that if someone comes in and they can't find what they’re looking for, we know what they're talking about and know where to go to get it or to get information for them."
Besides books, the store stocks greeting cards, CDs and gifts and has expanded its authors signings and author luncheon programs.
Competition is strong, Phillips said. "One of the biggest challenges is the perception that you'll get a better price and bigger selection in the larger stores."
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The UWM Post profiled Boswell Book Company, which former Harry W. Schwartz Bookshops staffer Daniel Goldin opened a year ago this coming Saturday, April 3.
The piece concluded: "The man who sleeps five hours a night and rides the bus to work to save on costs seems ready and willing to share endless amounts of knowledge, either about his business or about any book or author a customer is looking for.
"So, while you may not need to leave your own home to buy your textbooks or latest vampire novel, if you need any help finding what you are looking for, Boswell Books is just down the street. And you’ll be sure to find it much more hospitable than the cold hard glow of your computer screen."
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Book trailer of the day:
Hand Wash Cold: Care Instructions for an Ordinary Life by Karen Maezen Miller (New World Library). In the book, "wife, mother, author and Zen priest" Miller encourages readers to "pay attention to ourselves, our relationships and the world around us. Only then will we find happiness at the bottom of the laundry basket, love in the kitchen sink, and peace in our own backyard."
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This year's ABA/GLiBA forum and seminar will be held Friday, April 9, at the National Association of College Stores' Continuing Education Center in Oberlin, Ohio. Besides an ABA Booksellers Forum led by ABA CEO Oren Teicher and lunch, the focus of the day will be "increasing profitability with high margin merchandise and gifts."
Attendees will visit the NACSCORP warehouse and its sidelines showroom. The seminar will be led by Joan Keehan of NACSCORP. Panelists are Terri Hudson, manager of the Ashland University Bookstore, and Tom Lowry, owner of Lowry's Books & More in Three Rivers and Sturgis, Mich.
For more information, go to gliba.org.