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SFGate: End of the road: Borders enters liquidation


The Evil Genius

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Sad.

For a lot of towns - they are the only bookstore.

:(

http://www.sfgate.com/cgi-bin/blogs/bottomline/detail?entry_id=93399&tsp=1

This from Borders headquarters:

Borders Group reported today that, in accordance with the terms of its financing agreement, the Company will submit to the (Bankruptcy) Court for approval the previously-announced proposal from Hilco and Gordon Brothers to purchase the store assets of the business and administer the liquidation process.

"Following the best efforts of all parties, we are saddened by this development," said Borders Group President Mike Edwards.

"We were all working hard towards a different outcome, but the headwinds we have been facing for quite some time, including the rapidly changing book industry, eReader revolution, and turbulent economy, have brought us to where we are now," he added.

Borders currently operates 399 stores and employs approximately 10,700 employees.

Subject to the Court's approval, under the proposal, liquidation is expected to commence for some stores and facilities as soon as Friday, July 22, with a phased rollout of the program which is expected to conclude by the end of September.

Borders intends to liquidate under Chapter 11 of the Bankruptcy Code and, as a result, Borders expects to be able to pay vendors in the ordinary course for all expenses incurred during the bankruptcy cases.

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That sucks but I guess it was a matter of time. Amazon and B&N have gone the route of e-Readers to stay in the game. People just don't go to brick and mordar stores like they used to anymore. Especially for books when you can either order them online or download them to a device.

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That sucks but I guess it was a matter of time. Amazon and B&N have gone the route of e-Readers to stay in the game. People just don't go to brick and mordar stores like they used to anymore. Especially for books when you can either order them online or download them to a device.

Borders had their own e-reader too (like B&N). It didn't help in their case.

Sad to see them go - as I think most things at B&N are vastly overpriced.

Amazon, Costco (limited options), Target, or the local library thankfully are still options.

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Borders had their own e-reader too (like B&N). It didn't help in their case.

Sad to see them go - as I think most things at B&N are vastly overpriced.

Amazon, Costco (limited options), Target, or the local library thankfully are still options.

Had no idea they had an e-Reader.

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I don't feel too bad for them. The reason that they are the only bookstore in lots of towns is because they killed all the mom and pop local bookstores in lots of towns. Not saying they did anything wrong (they were much less predatory than Walmart and Blockbuster, for example) but still, it's hard to care that much.

I wonder if this will open up an opportunity for some local bookstores. Probably not - the world is changing, and Amazon owns all now.

---------- Post added July-18th-2011 at 01:53 PM ----------

Another retail channel bites the dust......

Music/ record stores, photography, and now books stores. It is kinda sad.

And the justification for not taxing internet sales (while we do tax local retail sales) continues to be lost on me.

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Sad. I know this area held up its part of the deal. The Borders around here were always full and the sales lines were usually deep. I liked Borders better than B&N. They fell behind in the tech race and probably as we approach the day of the book reader the mega book superstore is a really bad model anyway. Still, damn shame.

And on a personal, selfish note... WHY DID THIS HAVE TO HAPPEN THE YEAR MY BOOK IS COMING OUT :WAH:

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And on a personal, selfish note... WHY DID THIS HAVE TO HAPPEN THE YEAR MY BOOK IS COMING OUT :WAH:

Ok - time to pimp your book on Extremeskins. You'll get atleast 20 more buys.

:ols:

---------- Post added July-18th-2011 at 02:27 PM ----------

BTW - thanks for whoever corrected the title of the thread.

My apologies for FUBAR'ing it.

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That sucks but I guess it was a matter of time. Amazon and B&N have gone the route of e-Readers to stay in the game. People just don't go to brick and mordar stores like they used to anymore. Especially for books when you can either order them online or download them to a device.

They still can, but it takes more effort and time than just throwing up a giant building and selling books, magazines and music for 12 hours a day.

In downtown Austin a local book store called BookPeople thrives. Every time I go in it is packed with people. They have found success by creating a true sense of community and making it a part of the city. They based their entire business on great customer service, having extremely knowledgeable staff and being a local business that is a part of the community.

Every week they have reading from popular authors from around the country/world, kids readings on the weekends, community events, etc.

Book stores can still work, but not the Borders or B&N model.

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Well, good thing we have public libraries as an alternative. I am sad to see that happen, though; I always liked Borders. I have spent a lot of money there and countless hours just browsing their shelves.

Borders has been my sanctuary when getting dragged to the mall for years. The wife would run off and do her thing while I hid behind the safety of their walls. :(

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They still can, but it takes more effort and time than just throwing up a giant building and selling books, magazines and music for 12 hours a day.

In downtown Austin a local book store called BookPeople thrives. Every time I go in it is packed with people. They have found success by creating a true sense of community and making it a part of the city. They based their entire business on great customer service, having extremely knowledgeable staff and being a local business that is a part of the community.

Every week they have reading from popular authors from around the country/world, kids readings on the weekends, community events, etc.

Book stores can still work, but not the Borders or B&N model.

Yep. Green Apple Books in San Francisco operates in the same way. Thing is, I'm not sure that model can work everywhere. You need to have a well-off and literary minded local populace. San Francisco and Austin have that... Fresno and Waco, not so much.

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Borders did not really have competitive prices. Me and my friends would go there a lot in our late teens/early 20's, grab a coffee from the cafe, trade magazines and converse for awhile, then browse the aisles and marvel at how they could ever get away with charging $10-20 more than most other major retailers.

Turns out, they couldn't.

Oh and beware of the "liquidation" sales, as when the local Borders here closed, the liquidator marked everything UP before the "40% off everything must go sale" sorry Mr. Liquidator, but $18.00 for a DVD that was originally $25 is not a liquidation sale.

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For me growing up in MoCo, Crown Books was the bookchain in the area. This lasted until the mid 90's or so when all of a sudden a ton of Borders starting popping up in the area. Not sure if Crown's fall could be attributed directly to Borders moving into town or not but if so..................what goes around comes around.

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As a one-time employee of Borders, I can happily say **** them and the ******* customers, too. :)

I will say this: years ago, they had a really decent selection of music.

For me growing up in MoCo, Crown Books was the bookchain in the area. This lasted until the mid 90's or so when all of a sudden a ton of Borders starting popping up in the area. Not sure if Crown's fall could be attributed directly to Borders moving into town or not but if so..................what goes around comes around.

Borders bought Crown Books and eventually turned them all into Borders Express stores. How quickly the mighty can fall.

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Yes. They should move to purely online. That way, they don't have to charge taxes and are more competitive than the brick and mortar stores.

;)

Did they take a look at their footprint? Do they need to rent 50,000 square foot anchor-spaces in premier malls? Their rent probably averages $40 to $50 per square foot, and I am being conservative.

What about their employee and cost structures in general? Did they even look at it? What experiments did they do with price? Everyone knows they are high... did they try a 10% across the board price cut and measure to see if the increased volume made up for it?

What about online music sites and more integration with eReaders? Nobody in this thread even knew Borders had an eReader.

These are just a few ideas, but it seems to me that Border's management sat around with their thumbs up their asses while the world changed around them. Now, they blame the internet and eReaders for their demise. If that were true, every bookstore would go out of business.

I do agree with the sales tax issue, but that has nothing to do with Border's going out.

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They still can, but it takes more effort and time than just throwing up a giant building and selling books, magazines and music for 12 hours a day.

In downtown Austin a local book store called BookPeople thrives. Every time I go in it is packed with people. They have found success by creating a true sense of community and making it a part of the city. They based their entire business on great customer service, having extremely knowledgeable staff and being a local business that is a part of the community.

Every week they have reading from popular authors from around the country/world, kids readings on the weekends, community events, etc.

Book stores can still work, but not the Borders or B&N model.

We have a bookstore called COAS that is just the same. You see the owners involved with things all over town including a big redevelopment of the old part of town where they have their store. That plus the used book business which online doesn't do has got them packed all day.

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They still can, but it takes more effort and time than just throwing up a giant building and selling books, magazines and music for 12 hours a day.

In downtown Austin a local book store called BookPeople thrives. Every time I go in it is packed with people. They have found success by creating a true sense of community and making it a part of the city. They based their entire business on great customer service, having extremely knowledgeable staff and being a local business that is a part of the community.

Every week they have reading from popular authors from around the country/world, kids readings on the weekends, community events, etc.

Book stores can still work, but not the Borders or B&N model.

There will always be bookstore like there will always be record stores. But they are going to be in very specific areas and servicing a very specific need. The idea of the general book or record store is long gone.

Every major city or big university town has the kind of store you are talking about. It's located in one of the leafier, up-scale neighborhoods and caters to a rich/hip clientele. But it's not a model of the future. That store is not going to work in Front Royal. It's probably not even going to work in Reston.

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