Borders headed for bankruptcy filing, according to WSJ

  • metta

    Posts: 39144

    Feb 13, 2011 8:32 AM GMT
    Borders headed for bankruptcy filing, according to WSJ


    http://www.engadget.com/2011/02/11/borders-headed-for-bankruptcy-filing-according-to-wsj/


    I will miss them...
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    Feb 13, 2011 2:32 PM GMT
    Even though this apparently will be filed as a Chp. 11 (reorg) expect it to be converted to a Chp. 7 (liquidation) like the Circuit City bankruptcy in 2008. RIP Borders.
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    Feb 13, 2011 2:36 PM GMT
    First the brick and morter record stores and now book stores. I suppose it is just the way things are but I feel kind of nostalgic when I think about going to an actual store and browsing through the books and music, rather than doing it on the computer online.
  • turtleneckjoc...

    Posts: 4685

    Feb 13, 2011 2:47 PM GMT
    Trends change. Times change. People change with both.

    Borders will likely file BK (sorry, financial industry term for "bankruptcy") sometime this year and liquidate. I can't see them trying to work out a restructuring plan with the courts and their creditors as the market is satuated with their competition. Barnes and Noble has had financial issues over the last several years, however, Books A Million seems to be surviving.....

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    Feb 13, 2011 2:53 PM GMT
    Yeah.... three of the ones in Los Angeles closed down and the others changed it's closing time from 12AM to 10PM....
    I used to work there... and during those very late hours you'd only find three or four people there.... sipping coffee......................... not buying.... not reading... just sipping and leeching power for their notebooks.
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    Feb 13, 2011 3:07 PM GMT
    No!

    This is so sad icon_sad.gif I love the Borders in the city on the corner of Albert and Elizabeth. Many times I bought a book or DVD there because their collections were always much more diverse than the local Australian bookstore chains.

    I'll miss that store, is was great to meet a friend at.
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    Feb 13, 2011 3:08 PM GMT
    A1EX saidYeah.... three of the ones in Los Angeles closed down and the others changed it's closing time from 12AM to 10PM....
    I used to work there... and during those very late hours you'd only find three or four people there.... sipping coffee......................... not buying.... not reading... just sipping and leeching power for their notebooks.


    LOL @ leeching power icon_smile.gif
  • GQjock

    Posts: 11649

    Feb 13, 2011 3:26 PM GMT
    Gone the way of Blockbuster videos and record sales

    Amazon and E-Books take their toll
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    Feb 13, 2011 3:53 PM GMT
    First, I'm reading that under bankruptcy they'll close about a third of their stores but remain in business. I hope ours in Fort Lauderdale stays open.

    When I buy a book (and I still do) I have to flip through it with my own hands, scan it, simply see it. Buying blindly online does not appeal to me, unless I already know the book, an old classic or something I've seen as a friend's copy, maybe at the library (and what are happening to those?)

    I like Borders video selections, plus you can always special order, and they try to offer some software, too. The problem for them in that area is the online downloads of both movies and software, putting the sale of physical copies on the same shaky grounds as books on store shelves. I must admit I increasingly buy our Blu-ray online, because the selection of rather obscure movie titles we like is much better, whereas store shelves are overstocked with bad martial arts, and juvenile action & horror movies.

    But the Borders here appears to always be very busy, so I suspect it will stay open if any do. Online shopping can be great for some things, but I also like the process of browsing in person in certain kinds of stores, and bookstores are one of them.
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    Feb 13, 2011 4:01 PM GMT
    GQjock saidGone the way of Blockbuster videos and record sales

    Amazon and E-Books take their toll


    Does anyone actually read e-books? I find reading a screen and constantly scrolling is taxing on my eyes.

    I like the feel of paper, it's relaxing to read the print. You can mark your place easily without having to scroll for ages or wait for pages to load; you can take a book anywhere, drop it in a puddle, a bath, spill coffee over it, draw in it, write notes in it, and it will still be ok; you can scan it quickly, thumb through the pages, bend the pages to mark the place, rip out pages you need, cut the book into parts you need, copy it really really really easily AND legally (I'm sure electronic versions come with copy protections).

    Surely the conversion to digital formats can't be because of the environmental concerns over paper??? That would be very short-sighted, especially since paper has been around for thousands and thousands of years and is a great way to recycle used fibres.

    I'm saddened each time I hear of libraries digitising their collections and then sending the books away to be pulped. It makes me wonder: 'what will happen to these priceless collections if one day we don't have the electricity to recall or reproduce them?'.

    I can't get Fahrenheit 451 out of my head thinking about this.
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    Feb 13, 2011 4:07 PM GMT
    They all closed up and left my town years ago. I didn't think they were still in business. They used to be all over the place.

    Barnes and Noble will be next.

    ...then Best Buy.

    I was in Best Buy with time to kill the other day. I took a bunch of items and then went over to the computer area where you could go online. Every item was significantly cheaper on Amazon. One item was less then half the price, I ordered it right there and then.
    Not such a Best buy at all. Although it never really was?

    Magazines (and most print) and retail will be dead before long.
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    Feb 13, 2011 4:09 PM GMT
    It's too bad. One of the joys of life is browsing at the bookstore, finding 3-4 books and a quiet little corner to read them with some hot chocolate. And then, of course, eventually buying them.
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    Feb 13, 2011 4:13 PM GMT
    Our Borders stores closed a few years ago but we have a number of Barnes and Noble stores and they are usually really busy, including the checkout.

    I personally like indy bookstores if you can find one. Our local one is awesome with every book already marked a few dollars off the cover price, and they will order anything you want.
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    Feb 13, 2011 4:20 PM GMT
    jprichva saidPlus you can sit on the [Borders] patio and drink coffee while watching the boats on the Intercoastal.

    You know that Borders well, except the Intracoastal is to the east, at the Sunrise drawbridge past the Galleria just before A1A. That's actually the Middle River at Borders, and diagonally across it to the south is the gay, clothing optional Retro Schubert Resort, a little hard to see with the other buildings, but you might catch their rainbow flags. Gawd, don't we have it lovely down here? icon_biggrin.gif
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    Feb 13, 2011 4:23 PM GMT
    I need to move to a city that people read books in, haha. I've not heard anyone having reading on their interests since moving to San Diego. The 78 degree weather doesn't help I suppose.
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    Feb 13, 2011 5:37 PM GMT
    And Powell's (world's largest single bookstore) has just announced lay-offs. Only two years ago, they were announcing new construction. It's hard to see what the future holds for bookstores.

    In fact, I was in there last night, browsing. I saw a couple of interesting titles, but I noted them down in my phone to see if they were available as electronic downloads.
  • musclmed

    Posts: 3284

    Feb 13, 2011 6:11 PM GMT
    A1EX saidYeah.... three of the ones in Los Angeles closed down and the others changed it's closing time from 12AM to 10PM....
    I used to work there... and during those very late hours you'd only find three or four people there.... sipping coffee......................... not buying.... not reading... just sipping and leeching power for their notebooks.


    yes alot of people live on coaches in Los Angeles, and use those places during the day as a office
  • musclmed

    Posts: 3284

    Feb 13, 2011 6:15 PM GMT
    lifecast2020 saidThey all closed up and left my town years ago. I didn't think they were still in business. They used to be all over the place.

    Barnes and Noble will be next.

    ...then Best Buy.

    I was in Best Buy with time to kill the other day. I took a bunch of items and then went over to the computer area where you could go online. Every item was significantly cheaper on Amazon. One item was less then half the price, I ordered it right there and then.
    Not such a Best buy at all. Although it never really was?

    Magazines (and most print) and retail will be dead before long.



    I am usually at best buy to return stuff only. If you know what your looking for newegg is better.

    Or maybe to look at the size of the TV. Half the time the info they give you is wrong.

    For the blackberry get Edocrab... bar code scanner that tells you product info and pricing
  • SomeSiciliano...

    Posts: 543

    Feb 13, 2011 6:31 PM GMT
    lifecast2020 saidThey all closed up and left my town years ago. I didn't think they were still in business. They used to be all over the place.

    Barnes and Noble will be next.

    ...then Best Buy.

    I was in Best Buy with time to kill the other day. I took a bunch of items and then went over to the computer area where you could go online. Every item was significantly cheaper on Amazon. One item was less then half the price, I ordered it right there and then.
    Not such a Best buy at all. Although it never really was?

    Magazines (and most print) and retail will be dead before long.


    Sad to see Borders brick and mortar stores go...I agree, many of their locations are primo 'hang out' spots. icon_sad.gif

    Best Buy stays alive from it's on the spot consumer financing entanglements and real estate holdings...not exactly two strong pillars these days. They kind of followed the old Sears/JC Penny's model of extending credit to anyone for in store purchases. Getting people to sucker up for their expensive (and useless) service plans...which is gravy for them. I dont think they are in imminent danger of failing...but their model is a house of cards.
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    Feb 13, 2011 8:04 PM GMT
    It will be like losing a dear old friend. icon_cry.gif
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    Feb 13, 2011 9:00 PM GMT
    lifecast2020 said
    I was in Best Buy with time to kill the other day. I took a bunch of items and then went over to the computer area where you could go online. Every item was significantly cheaper on Amazon. One item was less then half the price, I ordered it right there and then.
    Not such a Best buy at all. Although it never really was?


    Best buy is overpriced.
    Especially their cables- they mark those things up 30000%. Seriously.
    ...but shopping online isn't the same as shopping in stores- people miss out on the "thrill" of finding something unexpected/amazing- they can't 'try out' things- they have to wait for delivery- and some just like having somewhere to go to kill some time while they shop.
    (Former Employee)

    kangourou said
    Does anyone actually read e-books? I find reading a screen and constantly scrolling is taxing on my eyes.


    I prefer books over tablets as well... but the individuals that use them would say that.... "you can carry 20+ books, in the space that it would take to carry one"

    Who honestly needs that many.....
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    Feb 13, 2011 9:03 PM GMT
    Our Borders went about 18months ago. (In the UK)

    We are down to one national book retailer : Waterstones and even that is going down hill.

    Their are a few independants hanging about in the major cities or university outlets but thats it.

    We are now down to one dedeicated music/video store in the UK too. HMV and thats goign down hill.

    Tragic to see the highstreet go. I even struggled to find a suit the other day.

    I love the old pictures of high streets with all the independants and great names like in the victorian and 1920/30s.
  • Webster666

    Posts: 9217

    Feb 13, 2011 9:10 PM GMT
    If they didn't charge $35 (and up) for a 200 page book, I might feel sorry for them.
    I can get my books from Amazon.com for 1/3 the price.
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    Feb 13, 2011 9:13 PM GMT
    A1EX said
    kangourou said
    Does anyone actually read e-books? I find reading a screen and constantly scrolling is taxing on my eyes.


    I prefer books over tablets as well... but the individuals that use them would say that.... "you can carry 20+ books, in the space that it would take to carry one"

    Who honestly needs that many.....


    If I need 20 books on me, I carry 20 books with me. I suffer through the bad backs and sore shoulders because that's the price I'm willing to pay to have a portable library with me icon_biggrin.gif

    I just don't get the appeal of tablets. People reading with them look awkward doing so, they don't look comfortable at all. And what am I going to do if the battery runs out? What can I read then? At least if I finish a book and I'm bored, I can go back and re-read parts.

    Part of the satisfaction with books too is knowing how far you're through it from the visual sign of how many pages are on one side of your fingers and how many on the other side. At the end, you close the book with a satisfying 'fump!' and you think 'yeeeeeeeeeeeeeah! I just finished a book!'. There's a sense of accomplishment. You get to the end of an e-book, on the other hand, and you think 'ooh, that was sudden, is that it?'
  • roadbikeRob

    Posts: 14372

    Feb 13, 2011 9:20 PM GMT
    Lets face reality, More and more brick and mortar retail locations are going to become a thing of the past because of the convenience of on-line shopping. Borders is disappearing today. Tomorrow I think all of the department stores like JC Penney, Sears, Macy's are also eventually going to disappear because more and more people prefer going on-line and ordering. Why put up with traffic and other hassles near the malls, Target, Wal Mart and other retail shopping areas when you have the safety and convenience of shopping on-line. The scary thing is what are they going to do with all the shopping malls and strip plazas once all these stores start to vanish? How are they going to redevelop and reuse these retail complexes.