After spending a lot of time over the last week discussing Borders’ new strategy to display more books face out (and thereby reduce the number of books a typical store carries), it turns out that the whole discussion may have been moot. The struggling chain had a need for more money to “remodel stores and pay for new technology,” but, thanks to the rocky climate on Wall Street, Borders was initially unable to find a willing lender. Translation: without an infusion of cash, Borders was going to run out of money.This left CEO George Jones with few options. Pershing Square, a hedge fund with investments in many large retailers and Border’s largest shareholder, has agreed to “lend $42.5 million and to make an offer for some of [Borders’] international chains,” according to Bloomberg. The loan comes with a huge interest rate and comes with various provisions that give the fund ever larger control over the book chain’s fate. Borders has also said that it is now seeking a buyer and the company has suspended its dividend. This deal is something of a last resort for Borders, and the stock plunged nearly 30% on Friday, the biggest drop in the company’s history.So what does this mean to Borders customers and employees? It’s still too early to know. the deal with Pershing staves off the possibility of Borders running out of money in the near future, and offers a life raft for the chain to get through the challenges brought on by the slowing economy. The path forward is tenuous at best; expect more developments in the coming months.
When I was in high school, I was quite enthralled by Edgar Allan Poe. I’d been familiar with his most famous stories from a young age (I remember being particularly haunted by “The Cask of Amontillado”), but in high school I had the opportunity, poked and prodded by teachers, to delve deeper into some of the lesser known (or perhaps just less famous) stories, as well as his essays. The assigned reading begat extracurricular reading, as it sometimes did for me, and in looking for more Poe, I came across the one novel he ever wrote, an appropriately peculiar book, The Narrative of Arthur Gordon Pym of Nantucket. It turned out to be a bizarre maritime tale rich with allegory and supernatural elements, not to mention cannibalism and geographic oddities (with particular attention paid to the mysterious Antarctica).It’s one of those books that stuck with me even though I don’t remember all that much about it, but I hadn’t thought about it for a while until Mrs. Millions asked me the other day if I’d ever heard of it. As it turns out, this is the book that Paul Theroux reads to Jorge Luis Borges in The Old Patagonian Express (as Mrs. Millions mentioned in writing about the book this week.)This juxtaposition led me to read up on the book at Wikipedia and elsewhere. I came away with a few nuggets: for example, I discovered that Jules Verne – in a fan fiction sort of turn – wrote a sequel to Pym called An Antarctic Mystery. Pym also inspired writers like H.P. Lovecraft, who drew from it in his book At the Mountains of Madness, Yann Martel, for his Booker-winning Life of Pi, and Rudy Rucker for The Hollow Earth. It also turns out that Borges once called Pym “Poe’s greatest work.” I think my copy is still tucked away at my parents house somewhere, so I’ll have to dig it up at some point. In the meantime, the full text of the book is available online.
Over at More Intelligent Life, you’ll find my reflections on the Joseph Mitchell centenary. Mitchell is, for my money, the greatest reporter-stylist of his era; the essay points to a few reasons why. In related news, The New York Times today reports on a blog version of the diaries of that other great reporter-stylist, George Orwell.
Norman Mailer made an unorthodox appearance at the Edinburgh International Book Festival, beamed in via video link from his home in Provincetown, Massachusetts. He’s apparently not big on technology, however, calling the video-interview system more suited to a “young chimpanzee.” The Herald’s story on the event includes a number of other classic Mailer quips, including his noting that the many punches he’s thrown in his lifetime were “always well considered.”