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Book Nook provides readers with insights into the world of books. Vick Mickunas takes you into the center of the publishing world with the latest book buzz, book reviews, and exclusive chats with authors..Home > Blogs > Book Nook > Archives > 2011 > May > 03 > Entry
Borders Books continues their slide
The troubled Border’s Bookstore chain is struggling to right the ship. Here’s more from the Wall Street Journal:
“Borders Group Inc. had losses totaling more than $50 million for February and March as it filed for Chapter 11 bankruptcy protection and began closing a third of its stores.
In papers filed Friday with the U.S. Bankruptcy Court in Manhattan, Borders reported a $28.3 million loss for February and a $24.3 million loss for March. Borders filed for Chapter 11 bankruptcy Feb. 16 and began liquidating many of its stores days later.
The financial statements reflect “the impact of our actions, such as the closure of 226 underperforming stores, to position our business for sustainable growth …”
That hurts. One wonders if the chain can recover.
Vick Mickunas
Comments
By Blowfly
May 4, 2011 1:53 PM | Link to this
Vick your comment reminds me of a friend of mine that ran a record store (not the one you are thinking about). He had a bargain bin, and kept marking the records down and down. Eventually they were down to a nickel, and then they were free. He began to put them out on the side walk “Free Records”. He would bring them in each night, and I said, why are you bringing them in? They are free, you would be happy if someone stole them. He just left them out all the time. After all that time, there were still a hundred or so records left - you literally couldn’t give them away. How would you like to be one those artists?
By vick
May 4, 2011 11:05 AM | Link to this
Mark’em down, shuffle ‘em around. I read about one Border’s store closing and I imagine it is typical. They kept marking books down, then down again, then further down until there were just a few lonely rejects (books, that is) remaining. Those books probably are returned to a central warehouse for redistribution to remaining stores….or dumped.
By Page Turner
May 4, 2011 10:56 AM | Link to this
As Borders “liquidates its stores,” what happens to all those books contained therein, Vick? Are they returned to the publishers? Sold somewhere else?
By Irishguy
May 4, 2011 6:34 AM | Link to this
Sorry to see Borders go, it was my second favorite book store.