Borders Forced to Close All Its Stores

[Big Don]

Borders Forced to Close All Its Stores
By MIKE SPECTOR And JEFFREY A. TRACHTENBERG WALL STREET JOURNAL EXCERPT:
Borders Group Inc. said it would liquidate after the second-largest U.S. bookstore chain failed to receive any offers to save it. Borders, which employs about 10,700 people, scrapped a bankruptcy-court auction scheduled for Tuesday amid the dearth of bids. It said it would ask a judge Thursday to approve a sale to liquidators led by Hilco Merchant Resources and Gordon Brothers Group.

The company said liquidation of its remaining 399 stores could start as soon as Friday, and it is expected to go out of business for good by the end of September.
Borders filed for bankruptcy-court protection in February. It has since continued to bleed cash and has had trouble persuading publishers to ship merchandise to it on normal terms that allowed the chain to pay bills later, instead of right away.
"Following the best efforts of all parties, we are saddened by this development," said Borders President Mike Edwards. "We were all working hard toward a different outcome, but the head winds we have been facing for quite some time, including the rapidly changing book industry, [electronic reader] revolution and turbulent economy, have brought us to where we are now."
<<<SNIP>>>
The chain's demise could speed the decline in sales of hardcover and paperback books as consumers increasingly turn to downloading electronic books or having physical books mailed to their doorsteps.
END EXCERPT
I blame a lot of this on the lousy website they had. It absolutely SUCKED. The last quoted paragraph makes no sense at all. The chain's demise could speed the decline in sales of hardcover and paperback books as consumers increasingly turn to... having physical books mailed to their doorsteps. Because, as we all know, books mailed to your doorstep are never hardcover or paperback.

 

[granfire]

We did not have a Borders near by.
But I prefer buying from the Books-a-million location down the road, the few times a year I actually purchase books (ok, not regarding the bargain bin at the grocery store)

A bad webside is pretty much a killer these days, Amazon is the gold standard! (BAM is not really good, but I check out the title I want on Amazon, then call BAM down the road to order it....they don't mind at all they told me)

Electronic books have their appeal...but I do prefer the real thing. I will be so up the creek when they phase them out....

 

[Bob Hubbard]

I buy several books each month. I used to have a commercial account with Borders.
Even with it, it was still cheaper to buy at Amazon and pay to have the shipped.
So most of my book shopping is now online, through Amazon.
I spend more time in my local B&N as the selection is simply better.
Borders shifted to carrying more kids books, more 'gifts' and tons of clearance books.
Their technical and business sections went from awesome to pure suck.

I'm not surprised.

 

[Big Don]

We did not have a Borders near by.

We did, but, it was on the far side of town and across the street from Barnes and Noble, whose parking lot was not nearly as crowded...

Electronic books have their appeal...but I do prefer the real thing. I will be so up the creek when they phase them out....

I think I want a Kindle, but, no one I know has one that I can test drive, so, I don't know.

 

[granfire]

We did, but, it was on the far side of town and across the street from Barnes and Noble, whose parking lot was not nearly as crowded...
I think I want a Kindle, but, no one I know has one that I can test drive, so, I don't know.

They do arrange for kindle test rides via Amazon, private people willing to let you look into their machine...

I suppose it would not be prudent to meet at the Books-a-million coffee shop tho...

 

[Bob Hubbard]

I might see about stopping by one of our 2 Borders tomorrow....see if I can get a good price on an espresso machine.

 

[granfire]

I might see about stopping by one of our 2 Borders tomorrow....see if I can get a good price on an espresso machine.

Vulture....

 

[Big Don]

They do arrange for kindle test rides via Amazon, private people willing to let you look into their machine...

I suppose it would not be prudent to meet at the Books-a-million coffee shop tho...

Wow! Really? That's awesome, I will have to look into that.

 

[Carol]

Wow! Really? That's awesome, I will have to look into that.

Here is the link:
http://www.amazon.com/gp/feature.ht..._rd_t=201&pf_rd_p=503148011&f_rd_i=B0015T963C

I'm tempted to make the plunge myself.

 

[Nomad]

Here is the link:
http://www.amazon.com/gp/feature.ht..._rd_t=201&pf_rd_p=503148011&f_rd_i=B0015T963C

I'm tempted to make the plunge myself.

If you're thinking about it, I don't think you'll be disappointed. Got my wife a Kindle for Christmas, and we both love it. Very easy to read (even in bright sunlight), small and light, and takes the place of bringing multiple books with us on vacation... lots of available books (but not all, yet). And storing the books after you're done reading them is not an issue.

I also love the fact that I can go from reading my book on the kindle to using a kindle app on my iPad or phone, and it seamlessly updates to wherever I left off.

The paperback book had a good, very long run, but I think it's days are numbered.

 

[HammockRider]

I was an assistant manager at a Borders from '97 thru '01. The wrting was on the wall for years. Once the company's stock split sometime around '96 Borders went crazy trying to boost their stock value. When the stock market dropped in '99 they completely lost it. That's when they started selling the rubber singing fish. They completely lost sight of what made them great and just chased the market. Like too many companies with that strategy they went from serving a customer base well, to trying to take as much of that customer's money while giving them as little back as possible.

I'm not saying anything against gaining a good market value for your stocks, but i'm old fashioned enough to think that the best way to do that is to actually provide a good product or service for the price you charge. Borders cut way too many corners for far too long. They drove that store into the ground.

I will challenge the assertion that the paperback has seen it last day. There are enough book lovers out here to keep them going. I like holding a book in my hands rather than another "pad". I like looking at the cover art. I like lookng at something besides a screen when I'm reading. I read off of screens enough at work. I would definitely use some sort of Kindle or ipad if I were studying a text book heavy subject, like engineering or medicine, because it would cut down on back strain to say the least. But when it's time to wait around a dentist's office or in line at the DMV, I'm a paperback man.

 

[granfire]

I was an assistant manager at a Borders from '97 thru '01. The wrting was on the wall for years. Once the company's stock split sometime around '96 Borders went crazy trying to boost their stock value. When the stock market dropped in '99 they completely lost it. That's when they started selling the rubber singing fish. They completely lost sight of what made them great and just chased the market. Like too many companies with that strategy they went from serving a customer base well, to trying to take as much of that customer's money while giving them as little back as possible.

I'm not saying anything against gaining a good market value for your stocks, but i'm old fashioned enough to think that the best way to do that is to actually provide a good product or service for the price you charge. Borders cut way too many corners for far too long. They drove that store into the ground.

I will challenge the assertion that the paperback has seen it last day. There are enough book lovers out here to keep them going. I like holding a book in my hands rather than another "pad". I like looking at the cover art. I like lookng at something besides a screen when I'm reading. I read off of screens enough at work. I would definitely use some sort of Kindle or ipad if I were studying a text book heavy subject, like engineering or medicine, because it would cut down on back strain to say the least. But when it's time to wait around a dentist's office or in line at the DMV, I'm a paperback man.

It's pretty much what I suspected.

 

[Bob Hubbard]

I own at least 2,000 books. I stopped counting years ago. 2 walls floor to ceiling packed tight book cases and many more in boxes.
I hate e-books..I have 4 or 5, backups of paper editions I already own.
I dislike the readers, none of the tablets have the same 'feel', and lets be blunt, whens the last time you dropped a book and it broke or it's batteries died?
A long soak in the tub holding an electronic device....just doesn't seem safe.

 

[granfire]

the beauty of a book: It works by candle light.
In the wilderness...by the beach. No extra attachments needed.

and then you can pass it on, or stick it under the table to fix that wabbly leg....

(while I always find electronic devices in my bathroom, I do not appreciate them there...but I usually have a book or two nearby)



Actually the same reason why I prefer to have an encyclopedia in print....
I have spend hours in the past flipping through pages, looking at stuff along the way I wasn't even searching for, learning a tidbit here and there, unintentionally....as nice as the computer based versions are, it's just not the same.

 

[Carol]

If you're thinking about it, I don't think you'll be disappointed. Got my wife a Kindle for Christmas, and we both love it. Very easy to read (even in bright sunlight), small and light, and takes the place of bringing multiple books with us on vacation... lots of available books (but not all, yet). And storing the books after you're done reading them is not an issue.

I also love the fact that I can go from reading my book on the kindle to using a kindle app on my iPad or phone, and it seamlessly updates to wherever I left off.

The paperback book had a good, very long run, but I think it's days are numbered.

Ooooh...I really like the sound of that!

I have been eyeing one for awhile. And the newspapers! The idea of getting newspaper subscriptions without newspapers piling up at home is very appealing to me.

 

[MaxiMe]

the beauty of a book: It works by candle light.
In the wilderness...by the beach. No extra attachments needed.

and then you can pass it on, or stick it under the table to fix that wabbly leg....

(while I always find electronic devices in my bathroom, I do not appreciate them there...but I usually have a book or two nearby)



Actually the same reason why I prefer to have an encyclopedia in print....
I have spend hours in the past flipping through pages, looking at stuff along the way I wasn't even searching for, learning a tidbit here and there, unintentionally....as nice as the computer based versions are, it's just not the same.

After working on the stupid things all day. I don't even want to touch an electric toothbrush.
Not to mention all the chargers for stuff all over the house as it is.. somtimes looks like abunch of jungle vines juast waiting to trip you up.

 

[jks9199]

I own at least 2,000 books. I stopped counting years ago. 2 walls floor to ceiling packed tight book cases and many more in boxes.
I hate e-books..I have 4 or 5, backups of paper editions I already own.
I dislike the readers, none of the tablets have the same 'feel', and lets be blunt, whens the last time you dropped a book and it broke or it's batteries died?
A long soak in the tub holding an electronic device....just doesn't seem safe.

Paper books won't go away anytime soon. No batteries, no format problems (anyone wanna watch my academy class video? OOPS... it's on videotape. Harder and harder to find a player. How about an early laserdisk film? Or a videotape recorded on Betamax?), only thing you need is enough light to see by.

That said -- e-readers will become more and more common. They're convenient. My wife's Nook has some 200+ books on it; a college student can get all their textbooks (if available) in an e-reader and only have one package to deal with. In a package the size of a steno pad. Not 8 or 9 boxes. E-publishing is a win for authors, too. More publishers will get on the trend, as well.

 

[Balrog]

Sorry to see them go. There was a Borders about 4 blocks from my house and it was really convenient. They closed it about a year ago and that's why they went bankrupt - I quit spending money in their bookstore. :ultracool

 

[Bob Hubbard]

No signs up locally yet. Lots of dirty looks when asked. A denial. Guess the memo hasn't gone out yet.

 

[Brian R. VanCise]

Absolutley love books but...... my wife received a kindle last christmas and guess what she is now a huge kindle fan! Time are a changing folks!!!