Borders bookstore chain to liquidate its remaining stores

[marmar]

from the Detroit Free Press:




Borders Group, the 40-year-old retailer that started as a used bookstore in Ann Arbor, decided Monday to liquidate its remaining 399 stores, conceding a battle with competitors, technology and itself.

Started in 1971 by brothers Louis and Tom Borders as an 800-square-foot bookstore, its impending passing adds to a long list of Michigan-based retailers that lost their edge with consumers.

Borders was still growing its supply of massive superstores when people started shopping online. Then to replace lost book and music revenue, Borders started stocking more gifts, candy and impulse items. It also bought Paperchase stationery, stocking it in stores when e-mail had made handwritten letters a dying art.

It filed for Chapter 11 bankruptcy protection Feb. 16. A bid by Najafi Cos. fell apart last week and with no other takers, Borders had no choice, said Paul Magy, a Southfield-based attorney who represents 28 landlords with Borders stores. ..........(more)

The complete piece is at: http://www.freep.com/article/20110719/BUSINESS06/107190400/Borders-shut-down-good-after-deal-collapses?odyssey=mod|mostview

[Orrex]

1. Where the hell will people buy coffee and pastries now?

[taterguy]

3. At the coffee and pastry store

Dumbass

[Orrex]

5. Shows what you know, Mr. Know-it-all

The coffee and pastry store is where I buy my books.

Duh!

[taterguy]

6. Nothing enhances the reading experience like coffee stains and crumbs all over a book

:eyes:

[krispos42]

11. 3-D printers.... they can simply print their food directly onto a paper plate

:-)

[Shagbark Hickory]

20. Barnes & Noble

[Dappleganger]

25. Here...

http://www.facebook.com/profile.php?id=100000224347434

My favorite local REAL bookstore and coffee shop, downtown of course!

[Jim__]

2. I hate to see a bookstore go out of business. But, the last time Borders closed stores ...

... I did pick up some good books at very low prices.

[PCIntern]

4. Too effing bad...

Borders was responsible for closing HOW MANY small bookshops across the US? When asked about it they smirked a lot. The big boys who ran the company made a fortune and the employees will just "have to take the gas pipe". I feel for the labor force, but the company was oh-so-arrogant in their takeover of virtually an entire industry at one time. It was typical of the era...

[Raschel]

9. It's a shame that we lost so many neighborhood bookstores. I wonder if there might be a place for

them again now that the big box stores are closing.

[Dappleganger]

13. There is but it's usually in the form of specialty or used bookstores.

We have one locally (one business with two locations and both different 'flavors') which is a used bookstore but they also have a coffee shop in the downtown location. I can take boxes of books there and get pretty decent trade-in value so we can build up our collections.

[Dappleganger]

12. +10000

Your comments cannot be emphasized enough--Borders is one of several Walmart-esque book stores which put thousands of independent book stores out of business across our country.

[Shagbark Hickory]

17. Good point. nm

[CBGLuthier]

7. Nothing like seeing some democrats CHEERING job losses.

Yeah fuck those evil corporations and the men who depend on them for their living. Fuck Yeah!!

[ChairmanAgnostic]

8. frankly, (and that's NOT my first name) if Walmart

went BK and belly up, I would cheer.

[Dappleganger]

14. It seems like you missed the boat when the Borders and B&N openings

put many small independent bookstores out of business. Now THAT was a loss.

This is like mourning the close of Walmart or McDonalds.

[CBGLuthier]

28. Did they do this through illegal means?

I am no fan of big chains but if independents can't survive that is just the way it is. This is some kind of weird favoritism that is not reflected by reality. If the independents met the needs of the book buying public they would have survived.

But here we find "democrats" cheering that 10,700 people are out of work solely because they have a grudge against their employer.

Fucking sad.

[LynneSin]

19. And where was Borders when many small businesses closed because they could not compete

Alot of small independant bookstores closed because they couldn't compete with Borders.

[jpljr77]

10. Yeah well, philosophical grave dancing feels great, but the reality sucks.

There are plenty of independent book stores in my area (Silver Spring, MD - DC suburbs) that we frequent. But there is also a large and very nice Borders in newly-redeveloped downtown Silver Spring. It is in a great location and the kids insist on going in there every time we go down there for dinner or just to walk around and play in the fountain. They love the kids' section, and we typically buy at least one book for each of them when we go in. It is very busy in there, especially during the summer, as people use it as a place to get out of the heat while down there for other reasons.

So that's going to go away unless Barnes & Noble (I guess) decides to take over the space, which might actually be feasible.

I can't think of another business that would be appropriate in that space. Maybe a CVS or something. So we'll be taking the kids to hang out in a drug store rather than a book store now. Awesome. Let's replace a book store with some commercial-only establishment that does not encourage hanging out for free AMONG A BUNCH OF BOOKS.

[DainBramaged]

15. Borders put way too many Mom and Pop bookstores out of business

just like Blockbuster did to video stores. I feel terrible for the employees, but I don't for the whores who ran Borders into the ground.

[Erose999]

21. Blockbuster is in pretty dire straits too. One in my neighborhood went under. They completely

liquidated that store within 2 days.

[joeybee12]

16. Sorry about the jobs, but when they closed the other stores a few months back,

all execs got million+ dollar bonuses.

[Shagbark Hickory]

18. Well what did you think they shouldve done with that money?? Pay their creditors or something?! nm

[joeybee12]

24. Nothing THAT foolish! nt

[WCIL]

22. I worked for them back when they were Waldenbooks

Several of my friends still work there. The assistant manager is in her late '50's and helps to support her extended family. She worries about money every single day, and is stressed about finding another job at her age - especially a job with benefits. It is also the only bookstore in our town. I am sad.

[BlueIris]

23. Goddamnit.

I actually thought they had a little bit longer to go.

[Tommy_Carcetti]

26. I'm very sad about this.

Yes, it supposedly is a big box corporate store, but it was one of the few big box stores I actually enjoyed going to. It was set up very customer friendly, a place you could go to and relax and read, and buy a book if you like it. Unfortunately, most small book stores don't have that option, and many libraries take a long time to get new release books, and when they do, often times it is only one or two copies. So a place like Borders or B&N was the only place for that type of experience.

Plus E-readers suck.....literally. I finally was able to figure out how to download onto my ereader for a plane trip I was taking. An hour and a half through the 2 hour plane ride, the battery on the ereader died. And I had just charged it the night before.

[daa]

27. Its only 11,000 jobs + 5100 at Cisco

Worrying about the deficit is NOT how to get reelected.