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Old 01-07-2011, 10:58 AM   #1
soondai
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Borders: Start looking for other jobs

More ominous portents from an author with connections:

http://www.briankeene.com/?p=5330

I've also been getting emails from them like crazy since the New Year. Today I got one saying I'd "earned $3.15 in Borders Bucks" which were good until 1/31. Later in the mail it mentioned it was my balance as of 12/24 (I spent it before the New Year"

So it looks like they're doing anything they can to lure people in to the stores. Including rolling December Borders Bucks over thru January . But also (deceptively?) telling people they have Borders Bucks they already used

I hope they pull it out somehow, but it does not seem likely.
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Old 01-07-2011, 11:00 AM   #2
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Has the Wall Street Journal or CNBC said anything on this matter?
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Old 01-07-2011, 11:34 AM   #3
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I wouldn't place much stock in the author's blog.

I've never heard of a company telling employees "things are bad, start looking for work," no matter how dire the situation. They could be prepping to lay off half the company and they'd still say "things are looking up!"

It's unlikely Borders would go straight to Chapter 7 anyway, 11 (reorg) seems much more likely, and they'll need staff to try and rebuild their business.
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Old 01-07-2011, 02:37 PM   #4
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From my little experience when a company or store is going down no one knows except those that absolutely need to and they almost never tell anyone especially just 'any' employee. No store/manager/etc wants their people looking for work, having a bad attitude, or not showing up because they aren't going to have a job in a month/week whatever.
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Old 01-07-2011, 03:10 PM   #5
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There is a decent story here too dated for Dec 31, 2010:

http://www.futureofcapitalism.com/20...ancial-trouble

Basically over the past decade all these places that got advertising dollars from Borders have been trying to use editorials to get people to buy the devalued stock. But when a stock is devalued or "beaten-down", there is a reason for it. This may be the last hurrah unless Borders steps up and really kicks it into the digital age.
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Old 01-07-2011, 03:11 PM   #6
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The only time I've ever heard of a place telling employees to start looking for work is after it has been announced that they were closing. Border's hasn't done that.
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