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Discussion Starter · #1 ·
They are seeking the bankruptcy court's permission to close another 51 stores if they cannot extend the lease with the landlords. Some of these are highly profitable stores for them.
Bankrupt Borders Group Inc. said it may have to close up to 51 more stores -- including some of its most successful -- as the shrinking bookstore chain struggles to avoid defaulting on a bankruptcy loan.

In court papers filed Thursday in U.S. Bankruptcy Court in Manhattan, the company asked permission to liquidate the stores in case it cannot extend deadlines for negotiating with its landlords.

The closures would reduce the number of Borders stores to about 350, from the 642 it had when it filed for bankruptcy earlier this year.
Man, that's a lot of bookstores gone. If you're a big 6 publisher, how many copies of a book were you selling in those stores that have closed?

http://tinyurl.com/3zq5d9k
 

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I find it strange to go into a Borders these days.  Like watching something slowly dying.  You go into one and it feels nearly empty.  Then, just a couple weeks ago, I was at the one in Naperville, IL and it was jammed with people, full of books (including some of mine, which is still cool) and looked like nothing was wrong.
 

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Discussion Starter · #6 ·
Some will survive, though they may reopen under a different name. B&N bid on about 10 stores.

There are a couple of potential buyers lined up for the remaining stores. It comes down to the creditors being ok with the deal or deciding to liquidate, or something like that. It's in bankruptcy court so Borders doesn't really control its own destiny anymore.

Either way, the stores that are already closed probably aren't coming back, and it's likely that some of the remaining stores will also close.

And the future of bookstores in general is up in the air. In the next year or two it's likely that the majority of books sold will be ebooks. As more bookstores close it may not shift readers to remaining bookstores. It may shift them to ebooks or to ordering their books online from Amazon.
 

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I was in Borders at Columbus Circle today.  As usual, I didn't buy anything, but it wasn't empty by any means.  They didn't have any new Kobo demo models.  They have the earlier (2nd) one.
 

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Time to use those gift cards sitting in your wallet while they're still good!
 
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Yesterday I needed to get out of the house and didn't want to do Starbucks because too many people come up to chat and I get nothing done.

So I went to the local Borders for the first time in 6 months... and it had been 6 months before that last time.

Three employees were discussing just this... and it dawned on me why.

The reason I stopped going?  While they cheerfully pimp nine million different ereaders, none particularly decent, they sell fewer books every time I look around.  Prior to me getting my Kindle I was dropping around 50 bucks a week in either Borders or BN.  I switched to just BN and lowered my weekly total to around 30 bucks a week.  (Magazines, cafe items, even a rare book purchase now.)

The wifi has not worked for a year.  It boots everyone after a few minutes and often won't allow anyone to connect.  People use their own wifi or steal from one of the other signals.  They push the new "paid" version of their rewards card... which is useless.  They market crap nobody wants and never have what anyone does.

No, I do not feel even a tiny bit bad to see them go.
 

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I'm feeling sick about my local Borders possibly (probably :() closing (Oak Brook, IL).  Since Borders Rewards started, I've been there pretty regularly twice a week with my coupons.  I buy coffee table type books (any books not well suited to Kindle) on whatever subject strikes my fancy.  Just browsing, I've found many books that I just love.  I will be so sad and feel lost without that store.  There's a B&N couple blocks away.  B&N is NOT for me. 
 

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Time of death: Mon Jul 18, 2011 5:22pm EDT

RIP, Borders.

(Reuters) - Borders Group Inc, the second-largest U.S. bookstore chain, said it has canceled an upcoming bankruptcy auction and will close its doors for good.

The company said in a statement Monday it was unable to find a buyer willing to keep the company in operation and will sell itself to a group of liquidators led by Hilco Merchant Resources.

Borders' roughly 400 remaining stores will close, and nearly 11,000 jobs will be lost, according to the company.


http://www.reuters.com/article/2011/07/18/us-borders-liquidation-idUSTRE76H0BH20110718
 

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B. Justin Shier said:
Time of death: Mon Jul 18, 2011 5:22pm EDT

RIP, Borders.




BORDERS est kaput!

Mild sadness... but hard to feel too much of a sense of loss; I've become almost exclusively an eBook junkie over the past year.
 
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