BookExpo and BookCon Are No More (publishersweekly.com)

Domestic Segment Q4 FY21 Results: Domestic revenue of $15.40 billion increased 11.2% versus last year. Domestic GAAP gross profit rate was 20.9% versus 21.2% last year. International Segment Q4 FY21 Results: International revenue of $1.54 billion increased 14.0% versus last year. International GAAP gross profit rate was 21.6% versus 22.6% last year.

A team of disposition firms consisting of Gordon Brothers, Hilco Merchant Resources, Great American Group, and Tiger Group announced that they have commenced store closing sales at 137* J. C. Penney Company, Inc. stores across the United States. The closures are the Company’s first step in implementing a planned store optimization strategy. As the Company remains focused on its Plan for Renewal transformation strategy and driving sustainable, profitable growth, it intends to reduce its store footprint and focus resources on its strongest stores and powerful eCommerce flagship store, jcp.com. Throughout all closing stores, customers can take advantage of storewide discounts of 25-40% off original prices. All merchandise is on sale, including deeper discounts of 40% on all fine jewelry and window treatments. New seasonal essentials, such as swimwear and sunglasses, are also discounted at 25-30% off. All sales will be final starting June 25.

The 5-4 ruling Thursday is a win for states, who said they were losing out on billions of dollars annually under two decades-old Supreme Court decisions that impacted online sales tax collection. The high court ruled Thursday to overturn those decisions. They had resulted in some companies not collecting sales tax on every online purchase. The cases the court overturned said that if a business was shipping a product to a state where it didn't have a physical presence such as a warehouse or office, the business didn't have to collect the state's sales tax. Customers were generally supposed to pay the tax to the state themselves if they don't get charged it, but the vast majority didn't. Justice Anthony Kennedy wrote that the previous decisions were flawed. Click Read More below for additional information.