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Old 02-16-2011, 09:53 AM   #1
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Borders files for bankruptcy

Chapter 11 and to close stores

http://news.yahoo.com/s/nm/20110216/bs_nm/us_borders
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Old 02-16-2011, 10:29 AM   #2
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Sad day...I think everyone knew it was coming, but still a bummer.
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Old 02-16-2011, 10:41 AM   #3
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They did say it would be all Superstores they are closing and not Waldenbooks or Borders Express. They will continue to honor gift cards but with so much debt their selection will probably deteriorate. They already owe bunches to the publishers. Personally, I doubt this storied company will be able to pull a rabbit out of its hat.
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Old 02-16-2011, 10:45 AM   #4
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What's with all the "Borders was liberal and that's what killed it" comments on that website?
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Old 02-16-2011, 10:54 AM   #5
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Originally Posted by queentess View Post
What's with all the "Borders was liberal and that's what killed it" comments on that website?
The giant stacks of Sarah Palin, Bill O'Reilly, Glenn Beck, and other Republican-authored books in the Borders I work at tends to differ with those comments.

We tend to sell more right-leaning books than left-leaning ones.

Luckily, the store I work at is a very profitable store, with no competition anywhere around, so I don't foresee our store ever closing until they close down every store.
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Old 02-16-2011, 11:14 AM   #6
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AFAIK Borders is getting a $500 million loan to prolong the misery.

In the short term they shouldn't have a problem with gift cards or supply, though it will take a few weeks for them to catch up on what they owe the publishers and distributors.
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Old 02-16-2011, 11:20 AM   #7
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Gift cards are kind of complicated. In one sense they are a liability, since they represent goods and services they have already received money for that they still have to provide. On the flip side, I remember reading something years ago that said that a company was not allowed to record a profit associated with a gift card until it had been spent. So Borders probably is hoping that lots of people who received gift cards for Christmas comes in and uses them.

--
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Old 02-16-2011, 11:23 AM   #8
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What's with all the "Borders was liberal and that's what killed it" comments on that website?
Give a child a hammer and the whole world looks like a nail.
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Old 02-16-2011, 11:29 AM   #9
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Here's a sortable chart of the stores being closed...

http://s.wsj.net/public/resources/do..._20110216.html


Looks like four of the seven in the metro area here are getting the ax.

Last edited by AnemicOak; 02-16-2011 at 11:43 AM.
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Old 02-16-2011, 11:40 AM   #10
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Here's a sortable chart of the stores being closed...

http://s.wsj.net/public/resources/do..._20110216.html
In a 50 mile radius of me, there are 11 Borders. Two of them are on the hit list, and also are the only stores that will be closed in my state.
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Old 02-16-2011, 11:41 AM   #11
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For those who have bought eBooks through Borders.com Kobo says they're safe...
http://blog.kobobooks.com/2011/02/16/kobo-update/
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Old 02-16-2011, 11:48 AM   #12
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yup, the one I hang out at every week while the wife and kiddo do Gymboree is getting the axe. gonna miss it
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Old 02-16-2011, 11:48 AM   #13
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Hats off, a moment of silence.

They are closing the only one that is near me, so there ends my relationship with Borders.
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Old 02-16-2011, 11:50 AM   #14
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I think people have to understand the word Bankruptcy does not automatically equate they are folding.

This is chapter 11 which is restructuring and protection from creditors. This isnt like Circuit City's bankruptcy where they were liquidated.

yes some stores will close, there will be tough decisions to be made. Some companies have emerged from Chapter 11's in the past and have done just fine. Kmart is a good example, they emerged and actual went on to buy out Sears and then Land's End.

It just seems we are trained to think Bankruptcy = closed up for good. That is not the case.

I can see Barnes and Noble closing some of it's store's in the future as well. It's taking a step backwards in hopes of taking two steps forward.

I'm not saying that it's doors closing for good isn't a possibliity in the future, I 'm just pointing out that bankruptcy doesn't automatically mean that. There are many different types of Bankkruptcy.

Last edited by boswd; 02-16-2011 at 11:55 AM.
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Old 02-16-2011, 11:55 AM   #15
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I think I'm going to have to grit my teeth and throw some of my business toward Barnes and Noble. It isn't good for consumers for Amazon to have no viable competition at all.
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