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Originally Posted by fjtorres
And what was the answer from the BPH/creditors? They demanded any future Borders pay for their precious books in cash up-front instead of the standard 30day net they give B&N and Amazon and every Tom, Dick, and Indie out there. They penalized the bidder for trying to salvage half the wreck.
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...or, they saw that Borders had been mismanaged for years, had lost money for 4 years in a row, did not have a viable plan to rescue its business, and that giving Borders credit was like flushing inventory down the toilet.
B&N, Amazon, and indie stores get credit because they can
pay their bills. Borders couldn't.
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Originally Posted by fjtorres
The bidder took the hint; the BPHs *wanted* Borders killed.
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Oh, really?
So I guess it was the publishers who "forced" Borders to lose money for several years in a row, to start going into the red at the start of a huge recession and credit crunch, and thus saddled the company with massively expensive debt? I presume the publishers also forced Borders management to become a revolving door with seven-figure payouts to departing execs, to outsource its web sales to Amazon for years (which gave a competitor key info and slashed its profits), to outsource ebooks to Kobo, to undercut the value of its product and its profits with tons of discounts, to over-expand in areas already serviced by big chains, to take out expensive leases?
It's patently absurd to blame the publishers for the ineptitude of Borders' managers.
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Originally Posted by fjtorres
...spare us the whining!  |
Yes, please. Spare us the whining.
