Axel-In-Charge: Extending "Secret Wars," Excitement for a "Totally Awesome Hulk"
Comics | A copy of Archie Comics #1, published in winter 1942, sold at auction last week for $167,300, setting a world record for an Archie title and a non-superhero comic. “Archie may have a ways to go to catch the likes of Superman and Batman, his Golden Age counterparts,” said Lon Allen, managing director of comics for Heritage Auctions, “but you can bet that collectors sat up and took notice when this comic brought that price. This amount exceeds the priciest of Spidey and Hulk comic books we’ve sold, which brought in excess of $125,000 each.” [Luxist]
Retailing | REDgroup Retail, which owns the Australian booksellers Borders and Angus & Robertson, has laid off 321 employees at the two chains following the closing of 38 stores. The company entered into administration last month. [ABC News]
Retailing | Borders Group has asked a bankruptcy judge for more time to decide whether to assume or reject its 681 leases, including those for 674 stores. If granted, the extension would give the company until Jan. 12, 2012, to deal with its leases. [Detroit Free Press]
Retailing | Struggling bookseller Borders Group, which filed for bankruptcy protection on Wednesday, told shaken publishers it’s developing a long-term plan to “reposition itself,” even as it released a list of some 200 stores set to close by the end of April. The closings include 35 locations in California and 15 in metropolitan Chicago. On a website dedicated to the reorganization, the retailer — the second-largest book chain in the United States — assures customers that “Borders’ Business Operations Continue As Normal.”
In its bankruptcy filing, the company listed $1.29 billion in debt and $1.27 billion in assets. It owes $272 million to its 30 largest unsecured creditors, including $41.1 million to Penguin Group. Diamond Book Publishers, which stopped shipping to Borders last month, is on the hook for $3.9 million. [The New York Times]
Retailing | Meanwhile, REDgroup Retail, which owns the Australian booksellers Borders (owned independently of the U.S. chain) and Angus & Robertson, has entered into administration. Angus & Robertson is the country’s largest book chain, with more than 180 stores nationwide. [The Australian, Guardian]