Friday, August 19, 2011

Borders Going Out of Business

               The bookstore Borders has been around for over 40 years and now it is closing. After filing for bankruptcy in Feb 2011 and deciding to close down 200 stores the company has come to the decion in July to close every store and have Borders become nothing but a memory.

              Borders was in dept by $1.29 billion dollars and failed to quickly adjust to the new generation of  e-reading.  In the Bloomberg, Tiffany Kary and Linda Sandler wrote in their article Borders Files Bankruptcy, Is Closing Up To 275 for Stores on February 16, 2011 that the company "raced up losses by failing to adapt to shifts in how consumers shop. It's first e-commerce site debuted in 2008, more than a decade after Amazon.com revolutionized publishing with online sale. The worlds largest online reader beat it again by moving into digital books with the Kindle e-reader in 2007, a market Borders entered in July." And Doug Schorrp stated in his article All Waldenbooks, Borders Stores Closing for the QC Times that the company was "sunk by crushing debt and sluggishness in adapting to a rapidly changing industry, officials said previously."

                   The company simply couldn't keep up. And not to mention many people who frequented the store seemed to only skim the book shelves and enjoy the relaxing atmosphere instead of actually buying something, David Magee explains in the International Business Times Borders Closing:Why the Bookstore Chain Failed. It is unfortunate that Borders seemed to no longer sit at the table with the popular kids. Businesses such as Amazon and Barnes & Nobles are staying in the game by drawing customers in with their e-reader devices known as the Kindle and Nook. And not to mention the fact that Amazon is an internet store with low prices is always a plus for many people.

                       Borders closing down hurts an already wounded economy. There was over 600 Borders stores and now with all of them going out of business hundreds of jobs are lost and authors and publishers have to work harder in order to find places to do business with. With Borders gone that is less places for publishing companies books to be sold and authors to have their book signings at.  In USA Today's Borders Closing Signals Change  in book selling industry by Mae Anderson, executive director of publicity at Grand Central Publishing in New York, Jennifer Romanello stated that the loss of Borders is "one less outlet to use in promoting our authors." When Borders filed for bankruptcy Romanello stopped sending authors for book signings to a number of Borders. Borders going out of business is affecting everyone. It's a domino affect.

                      With this store closing it's one less place where adults and children can frequent and be in a calm, educational environment . One less place were people can work and the public can be reminded that books are still alive and e-devices has not taken over. People are in shock and disappointment with the outcome. Will there and could there be a new up and coming bookstore in the future? I hope so.

                       Below are the links to the articles mentioned in my post.

              Borders Files Bankruptcy, Is Closing Up To 275 for Stores 
            All Waldenbooks, Borders Stores Closing
             Borders Closing:Why the Bookstore Chain Failed
            Borders Closing Signals Change  in book selling industry


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