Borders is going out of business. Completely. When they finish liquidating their assets (including 437 million copies of a 2009 Jonas Brothers biography), that'll be it.
That's too bad. I used to shop a lot at Borders. Well, I didn't actually shop there. I just read books and left. So I guess I'm partly responsible for their bankruptcy. I should've been mentioned in the news article. "Borders cited a slowing economy, competition from onlne retailers, and assholes like Rodney Ohebsion who used the stores like libraries." I'm an important part of Borders history.
I think all big companies that go out of business should be forced to keep one location or some sort of presence. That would make things interesting. Imagine how fun it would be to go to the world's only Borders, fly on the world's only Pan Am airplane, or invest in Bernie Madoff's bankrupt fund.
We need some sort of hoarders to keep around all of thse companies. They'd probably enjoy something like that. And it might divert them from storing newspapers in their attics.
Border's actually had plenty of profitable locations when they declared bankruptcy. In fact, roughly half of their 400 locations were pulling in good money. And Borders competitor Barnes and Noble is still making a solid profit through bricks and mortar stores.
I guess it was Borders's "business as usual" approach during the industry's Amazon-era transformation. They went so far as to open new locations and continue loading up on CDs and DVDs shortly before things went south. Couple that with the company's habit of signing long leases in non-prime locations, and they weren't able to remain afloat even though Barnes and Noble did. And Barnes and Noble isn't doing too well either, even though they no longer have to compete with Borders.
Book superstores used to be a hot business. They put a lot of smaller bookstores out of business. And then Amazon.com entered the scene, and they, to some extent, put Borders out of business. So I guess at some point, someone will probably put Amazon out of business. If Amazon doesn't adapt. If you don't adapt to the new environment, you'll be another company in that chain of replacements.
The publishing and bookselling industries are going through some major changes. People knew things were changing when computers, print on demand, the web, and Amazon.com entered the arena. But they weren't sure if established companies would make money in those new areas, and if their traditional business segments would still remain profitable.
Things change. Blockbuster video used to be a gold mine. “Let's open a Blockbuster Video and rent VHS cassette tapes.” “Smashing idea. Smashing idea.” When was that? The 1920s. No. It was the 80s and 90s. Even as late as 2005, video rental companies were expanding. Nowadays, a Blockbuster Video is considered a furnace for your cash. If you suggest opening one, that guy from the 1920s will beat the crap out of you.
I’ll bet Apple Stores will be money losers ten years from now. The 1920s guy is just waiting for that day. He’s going to beat the crap out of the company's CEO.