The publishing tide is shifting fast: E-book sales in February topped all over formats, including paperbacks and hardcovers, according to an industry report released this week. Get the full story »
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Liquidation sales begin at 26 new Borders stores
A Borders bookstore at North and Halsted in Chicago in February. (Brian Cassella/Chicago Tribune)
Liquidation sales have begun at 26 Borders stores in 14 states that are slated to close in late May, including an outlet in Wilmette.
Similar sales are already under way at the 200 Borders stores that are scheduled to close by the end of April, as the troubled bookstore chain reorganizes under Chapter 11 protection. Get the full story »
Judge rejects Google’s deal to digitize books
A federal judge on Tuesday rejected a settlement deal Google hammered out with publishers over its controversial Google Books archive, saying the proposed agreement went too far in giving Google control over the digitalization of books. Get the full story »
Borders sales begin Saturday at closing bookstores
(Nicholas Kamm/AFP/Getty Images)
Borders will begin holding closing sales this Saturday at 200 of its stores, including 15 locations in the Chicago area.
A U.S. Bankruptcy Court in New York gave Borders the go-ahead on Thursday to shutter roughly 30 percent of its stores. The Ann Arbor, Mich.-based bookseller filed for Chapter 11 bankruptcy protection on Wednesday.
The company said in a press release that more than $350 million in books, magazines, music, movies, calendars and other merchandise will be liquidated at discounts ranging from 20 percent to 40 percent. Borders Rewards programs remain in effect in stores and online, and the retailer is also honoring gift cards. Get the full story »
Judge approves Borders gift card plan
Gift cards at a Borders bookstore in Washington. (Nicholas Kamm/AFP/Getty Images)
A judge late Wednesday granted Borders Group approval on an interim basis to use $400 million of the $505 million in financing it has been offered to pay its vendors back and keep its business going, including honoring its loyalty program and gift cards.
The decision is the start of a lengthy and difficult process for Borders, which filed for bankruptcy protection on Wednesday. The No. 2 U.S. bookseller is attempting to successfully reorganize so it can emerge from bankruptcy protection a smaller and profitable company.
Borders is accepting bids in an auction for companies to run its store closings and clearance sales. Get the full story »
Borders preparing possible bankruptcy filing‎
People pass the Borders Book and Music store at the corner of Pearson and Michigan Avenue in January of 2011. The store is closing. (Heather Charles/Chicago Tribune)
Borders Group Inc. might file for bankruptcy protection as soon as next week, Bloomberg News reported Tuesday, citing three people familiar with the matter.
The second-biggest U.S. bookstore chain by sales will likely close at least 150 stores, one of the sources said.
Several private-equity groups are considering making a junior loan to the company based in Ann Arbor, Mich., one of the people told Bloomberg. Get the full story »
Sources: Borders talking with restructuring advisers
Bookseller Borders Group has hired FTI, a firm known for its restructuring practice, to assist in analyzing its finances, according to sources familiar with the situation. Get the full story »
Ackman would finance bid for Barnes & Noble
Hedge fund manager William Ackman is raising his wager on bookseller Borders Group Inc, offering to help it buy larger rival Barnes & Noble Inc for $963.7 million. Get the full story »
Google ready to launch e-books venture
Google Inc. is in the final stages of launching its long-awaited e-book retailing venture, Google Editions, a move that could shake up the way digital books are sold.
The long-delayed venture — Google executives had said they hoped to launch this summer — recently has cleared several technical and legal hurdles, people close to the company say. It is set to debut in the U.S. by the end of the month and internationally in the first quarter of next year, said Scott Dougall, a Google product management director. Get the full story »
Amazon no longer selling guide for pedophiles
Amazon is no longer selling a self-published guide for pedophiles. It wasn’t immediately clear whether Amazon.com Inc. had pulled the item, or whether the author withdrew it. Amazon did not immediately return messages Thursday.
Bush: I have ‘clear conscience’ on financial crisis
Former President George W. Bush said Wednesday he has a “clear conscience” about recognizing the problems that led to the financial crisis and he blamed Congress for blocking attempts to address them.
Bush, who initially kept a low-profile after leaving the White House, has been doing a series of high-profile interviews to promote his newly released memoir, “Decision Points.” Get the full story »
Barnes & Noble changes poison pill plan
Bookseller Barnes & Noble Inc. appears to have bowed to shareholder pressure and is changing its shareholder rights plan to limit further stakes by Chairman Leonard Riggio and his family, the company said Wednesday.
Barnes & Noble says Burkle not fit for board
Barnes & Noble Co. said activist investor Ronald Burkle was unqualified to be on its board and accused the billionaire of trying to take over the bookseller through a proxy battle without rewarding shareholders. Get the full story »
Barnes & Noble posts 1Q loss on legal costs
Barnes & Noble Inc. posted a first-quarter loss on legal expenses related to its proxy fight with a major shareholder, the struggling book seller said Tuesday. The company cut its annual earnings outlook on the costs related to fighting billionaire financier Ron Burkle.
Barnes & Noble expands textbook rental program
Barnes & Noble’s college bookstore unit said Monday it is expanding its textbook rental program.
The program, which began as a pilot in January, is offered through campus bookstores managed by Barnes & Noble. Users have the option of renting in campus bookstores or online. Get the full story »
