Friday, July 22, 2011

Borders Books going out of Business

If you haven't already heard, the American book store chain Borders is shutting down, going out of business and forcing over 10,000 employees out of their jobs. This is not good news for helping the economy to recover. This news was reported on July 19, 2011 - 3 days ago.

I mention this because I am sure I would have heard or read anything about this in Canada if it had been mentioned. And to me, this is BIG news. I only found this out today, when I was checking out my favourite Canadian book magazine - Quill and Quire

Borders has been struggling for several years to maintain its market shore against the strong Barnes and Noble chain and Amazon. Borders closed down a number of bricks and mortar shops back in 2007, but that did not help.

The bookchain declared bankruptcy in February 2011 and closed some 200 stores at that time. Borders has been in liquidation and looking for a buyer ever since, This week it conceded defeat saying it was unable to find a buyer.

One major reason Borders has been forced out of business is Amazon. Most book buyers have discovered the comfort and convenience of purchasing their books online from their own homes. I too have been guilty of this as I like to purchase my books from an online book warehouse. When I have money that is. 

On the first page of the Borders website is a large red notice

I don't know much about Borders other than it has always ran second to Barnes and Noble (the top Book store chain in the USA). Borders has also tried to expand overseas without success. I know there was at least one Borders shop in New Zealand - which did not last long. 




Marg said...

We had a number of Borders stores in Australia, but they were all closed down a few months ago. The name Borders remains active as an online bookstore here, but I am not sure that they won't rename or close it down in due course.

Anonymous said...

It's a shame that management took the company down. I will miss it but I remember when Waterstone's left due to competition from Border's. I felt devastated as I loved the type of books Waterstone's carries. I can always go to B&N but it is a farther walk for me.