Borders Files for Bankruptcy

New York Times website ^ | February 16, 2011 | Michael J. de la Merced

[RayChuang88]

Borders Group, the beleaguered bookseller, filed for bankruptcy protection on Wednesday after failing to secure agreements with publishers and other vendors about reorganizing its debt.

The bookseller listed $1.29 billion in debt and $1.27 billion in assets in a filing in federal bankruptcy court in Manhattan.

“It has become increasingly clear that in light of the environment of curtailed customer spending, our ongoing discussions with publishers and other vendor related parties, and the company’s lack of liquidity, Borders Group does not have the capital resources it needs to be a viable competitor and which are essential for it to move forward with its business strategy to reposition itself successfully for the long term,” Mike Edwards, Borders’ president, said in a statement.

[Rebelbase]

I’m thinking Facebook and Twitter have something to do with this. Borders was a younger crowd, geek hangout, drink coffee and hope to score kind place. Social media offers other opportunities for hanging out and the initial ice breaking has already happened on the hoping to score crowd.

[Think free or die]

"They hide the bestsellers, because they don’t agree with them? And then there’s the rolled eyes and other body language from the maggot infested hippie college kid (cashier) who can’t believe you’re buying a conservative book."

So true. I hate the attitude oozing from the pores of some of these employees.

[Think free or die]

"I remember when (mid-late ‘70’s) they were just a smallish store in Ann Arbor just a half block from U of M’s Diag on State St. They expanded into the space next door, or upstairs, or both and I thought “What a neat store!” This was before they moved to their current location around the corner in the old Jacobson’s department store."

It was a nice store back then, wasn't it? I was in A2 from '74-79. Good times.

[OregonRancher]

I bought a Nook, and wish I hadn’t. The price differential
is small with new books, sometimes only a dollar or two. And I DO like the feel of turning pages.

[Publius Valerius]

Not everyone buys candy bars, but they stick them at the register because some people do.

Some people come in and sit and read magazines (although most now are covered in plastic) and leave. Others come in to browse, find something that they like, and then buy it.

You wanted to know the purpose behind the idea. The purpose is to drive traffic. You want people in your store. That’s the idea.

[newzjunkey]

It's best to look at the devices themselves. I found the Sony Reader slow.

I have a friend who swears by his Kindle but then again he'd never consider a tablet device like an iPad since he's anti-Apple.

[RayChuang88]

Interestingly, the Sacramento-area Borders stores have all been spared, according to the closure list provided by www.bordersreorganization.com. I think the Sacramento stores--because the current store locations don't compete against any Barnes & Noble stores nearby--will not only survive but become moneymakers in their own right.

Pity for the Bay Area, though. They're going to lose eleven Borders stores, including two in San Francisco.

[mason-dixon]

Let me get the “BORDERS” so called business plan in their cafe areas:

1. Free mag & book reading
2. Club meetings
3. Knitting groups
4. Job interviews
5. Real estate transactions

I’ve seen ALL the above & you wonder why they filed for bankruptcy???

Mason Dixon

[redgolum]

Sad thing is I much prefer Borders for the brick and mortar store