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Old 05-04-2020, 07:54 PM   #16
DuckieTigger
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Or B&N could file for bankruptcy and the landlord would be f'd anyway.
Bankruptcy is a steep price to pay, and not in the interest of B&N. Also through bankruptcy the landlord would have a chance to get some money back.
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Old 05-04-2020, 09:03 PM   #17
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Bankruptcy is a steep price to pay, and not in the interest of B&N. Also through bankruptcy the landlord would have a chance to get some money back.
The reason B&N has been avoiding chapter 11 is the fear the big publishers will demand payment for books in stock instead of taking them back for credit, as they did to Borders. And that was before the crisis.

Making the landlord sue buys time until the lockdowns loosen and they have a chance to earn some liquidity.

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Old 05-05-2020, 08:37 AM   #18
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The reason B&N has been avoiding chapter 11 is the fear the big publishers will demand payment for books in stock instead of taking them back for credit, as they did to Borders. And that was before the crisis.

Making the landlord sue buys time until the lockdowns loosen and they have a chance to earn some liquidity.
Yes, that is why the current crisis is only making matters worse. Unless a miracle happens soon, chapter 11 might be off the table altogether and B&N needs to consider a chapter 7. Except that would equal closing shop.
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Old 05-05-2020, 11:10 AM   #19
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Yes, that is why the current crisis is only making matters worse. Unless a miracle happens soon, chapter 11 might be off the table altogether and B&N needs to consider a chapter 7. Except that would equal closing shop.
Chapter 11 = Chapter 7 when big publishers are involved.

That's what killed Borders. They had buyers willing to pick up most of the chain (the profitable stores, anyway) but only with staff and stock included. The BPHs insisted on full price upfront for stock. With no agreement possible, the judge mandated liquidation.

Publishers expected B&N to inherit the bulk of the customers since 75% of Borders sites were within a mile of B&N stores. However it was Amazon that made out like bandits, inheriting the vast majority of Borders' market share. Apparently, most of the folks that shopped at Border did it because they wanted nothing to do with B&N.

Things might be different now in that there is no heir to the b&m crown but the publishers are in big trouble of their own.

Relying on the kindness of strangers isn't a good strategy in the publishing world.
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Old 05-05-2020, 02:13 PM   #20
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So we could have a sequel to Fox Books putting the Shop Around the Corner out of business (You've Got Mail). Though I enjoyed it I prefer the two older versions, one has a VERY young James Stewart (leather goods shop and music shop). I believe the original was a play and it was a Perfume shop.

So did Elliot make a mistake buying it?
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Old 05-05-2020, 03:35 PM   #21
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The Shop Around the Corner (1940) stared Jimmy Stewart and was adapted from the play Parfumerie (1937). In the Good Old Summertime (1949) stared Van Johnson and Judy Garland. Liza Minelli was the baby in the ending scene of the movie. The Shop Around The Corner was a General Store. In the Good Old Summertime the shop was a music store.
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Old 05-05-2020, 05:31 PM   #22
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So did Elliot make a mistake buying it?
Not pre-crisis and not at that price.
The logistics backbone was worth it by itself. And BN online was frosting.
With b&m shut revenues zeroed, the entire company is living off frosting.

The big unknown is how much business they can drum up post lockdown.
The magic 8ball probably would say "Outlook not good."

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Old 05-05-2020, 08:05 PM   #23
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Not exactly doubling down, but Elliott is continuing to invest in the book business:

Elliott Advisors, owner of Waterstones and Barnes & Noble, has bought Wordery, the online bookselling division of U.K. wholesaler Bertrams. Wordery will be a separate business from Waterstones.

https://www.publishersweekly.com/pw/...-retailer.html
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Old 05-05-2020, 09:05 PM   #24
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And Harper Collins purchased Egmont uk a publisher of children's books.

https://www.thebookseller.com/news/h...sition-1201871
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Old 05-06-2020, 06:29 AM   #25
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Not exactly doubling down, but Elliott is continuing to invest in the book business:

Elliott Advisors, owner of Waterstones and Barnes & Noble, has bought Wordery, the online bookselling division of U.K. wholesaler Bertrams. Wordery will be a separate business from Waterstones.

https://www.publishersweekly.com/pw/...-retailer.html
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And Harper Collins purchased Egmont uk a publisher of children's books.

https://www.thebookseller.com/news/h...sition-1201871
Fishing in troubled waters.
The expected consolidation will see plenty more deals.

I just hope BAEN survives.
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Old 05-06-2020, 07:16 AM   #26
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Chapter 11 = Chapter 7 when big publishers are involved.

That's what killed Borders. They had buyers willing to pick up most of the chain (the profitable stores, anyway) but only with staff and stock included. The BPHs insisted on full price upfront for stock. With no agreement possible, the judge mandated liquidation.

Publishers expected B&N to inherit the bulk of the customers since 75% of Borders sites were within a mile of B&N stores. However it was Amazon that made out like bandits, inheriting the vast majority of Borders' market share. Apparently, most of the folks that shopped at Border did it because they wanted nothing to do with B&N.

Things might be different now in that there is no heir to the b&m crown but the publishers are in big trouble of their own.

Relying on the kindness of strangers isn't a good strategy in the publishing world.
Ah yes, those evil publishers actually wanted to be paid for the books they sold Borders. How could they, the cads!

I'm sure there were people who wanted to buy Borders as long as they didn't have to pay the bills that were due, but bankruptcy doesn't work that way.
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