Notes: Borders Bigger Shareholder; New Store in Michigan
Hedge fund manager William Ackman's Pershing Square Capital
Management has increased its stake in Borders to 11.7% and Ackman has
spoken with Borders representatives about the makeup of the board,
according to an AP report (via cnn.com) based in part on SEC filings.
Ackman, who has successfully agitated for changes at McDonald's,
Wendy's and Target, is no longer using an SEC form indicating passive
investment. He added that his views were solicited by Borders
representatives.
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With the opening last week of Literary Life Bookstore & More, Grand Rapids, Mich., the Grand Rapids Press reported
that "another page has turned in the life of the old bank branch at
Eastern Avenue SE and Wealthy Street. . . . In an industry dominated by
big-box national chains along with regional powerhouse Schuler Books
& Music, [owner Dr. Roni] Devlin said Literary Life is an effort to
get back to what people love about little bookstores."
"I think
there is potential to have a small store make a go of it," Devlin
added. "if it has a combination of things--location, offering something
the neighborhood needs, being business savvy and offering more than
just the things you sell."
Literary Life Bookstore & More is located at 758 Wealthy St. SE, Grand Rapids, Mich. 49503; 616-458-8418; literarylifebookstore.com.
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Canadian bibliophiles are crossing the border for cheaper books. The Boston Globe noted
that "books offer visitors from the north some of the best deals found
in the United States--even at full price--now that Canadian currency
has caught up to the U.S. dollar. . . . While American publishers have
slowly been reducing prices of books sold in Canada, they aren't
leaning toward eliminating the higher list prices because their
distribution costs remain higher outside the United States."
Kevin Hanson, president of Simon & Schuster Canada and of the Canadian Publishers Council, told the Globe that consumers are "expecting instant parity on book prices. That's a challenge for us."
Although
Canadian bookstores can discount, there is little incentive to do so.
As Steve Budnarchuk, co-owner of Audrey's Books, Edmonton,
Alberta, and past president of the Canadian Booksellers Association,
said, "If we take the markdown, we take a loss on it."
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Congratulations to Michael Cader of Publishers Lunch, who was quoted yesterday in public remarks by the chairman of the Frankfurt Book Fair, Gottfried Honnefelder. As noted in today's Frankfurter Allgemeine, the chairman lauded Cader's observation that in an era of online bookselling and free, easily accessible electronic content, authors, publishers and booksellers need increasingly to create close connections with readers. Not surprisingly, Honnefelder finds the fair, which is open to the public its last two days, an excellent place to forge and discuss such connections.
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"Follett by the numbers" was the headline for a USA Today sidebar accompanying yesterday's coverage of World Without End, the much-anticipated sequel to Pillars of the Earth. Integers of note included 30 (books Ken Follett has written), 90 million (total copies sold), and 18 (years elapsed between Pillars and its follow-up).
Holy debut, Batman! Todd McDevitt, owner of five New Dimension Comics stores in the Pittsburgh area, recently purchased a near-mint condition copy of Detective Comics #27, published in 1939 and featuring the debut of Batman. This is the second most valuable comic (behind Action Comics #1, featuring the debut of Superman), according to the Beaver County Times, which reported that an "excellent-quality copy that falls just short of mint is worth about $250,000."
"I've been toying with the idea of reading it, but I haven't yet," McDevitt said. "I'm going to savor it."
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Congratulations to Outwrite Bookstore & Coffeehouse, named by readers of Southern Voice as the best bookstore in Atlanta in the Best of Gay Atlanta issue. The Voice
wrote: "With appearances from serious literary talent like Armistead
Maupin and Sarah Waters, as well as celebrity authors including Jim
McGreevey, John Amaechi and Lance Bass, gay Atlantans count on Outwrite
Bookstore & Coffeehouse to give us not only something to read, but
something to talk about. Second place went to feminist/lesbian haven
Charis Books & More; Brushstrokes was voted third."
Outwrite has also been voted "Best Gay-Themed Store" in Atlanta by Creative Loafing.