Notes: B&N Jumps; Borders Hops to Detroit; College Hot Water
Poets and Writers magazine offers a thoughtful piece on independent bookselling and how authors can help stores. Check it out here.
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Yesterday Barnes & Noble closed at $41 a share, up
4.9%, on volume of 1.4 million shares, more than double than usual
trading volume. Observers attributed the gain to the Barron's
story, mentioned here yesterday, in which the head of the Pershing
Square hedge fund was bullish about B&N and called it an attractive
buyout target.
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In late November, Borders is opening two stores in the Detroit Metropolitan Wayne County Airport. Both the 710-sq.-ft. and 767-sq.-ft. stores will be in the Edward H. McNamara Terminal and will offer more than 7,000 book titles, including audiobooks, gifts, stationery and top-selling DVDs and CDs. These are the first Borders stores in the Detroit Airport.
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Another Story, the Allentown, Pa., used bookstore that is owned by John Furphy, has moved, according to the Allentown Morning Call. The store is now at 524 N. 18th St., Allentown, Pa. 18104.
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Over the past several years, Bishop State Community College, Mobile,
Ala., gave $261,800 in cash to bookstore employees to fund textbook buybacks
from students but can't account for all but $549 of the amount, the Birmingham News
reported. A school spokesperson said that records might have been
misplaced or taken in a burglary. Auditors are looking at a variety of
financial problems at the school, including alleged misuse of financial
aid money.
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And in another apparent case of temptation triumphant, WTOC-TV
in Savannah, Ga., reported that local police told the station that federal
agents had indicted and arrested Charles Jackson, who worked at
the Savannah State University bookstore, for embezzlement of almost
$800,000 in federal grant money.