Borders Books filed for Chapter 11 bankruptcy this Wednesday. Their stock has fallen below $1/share (last I looked it hovered around $0.10/share.) The CEO has promised a recovery. The company will close 1/3 of the existing stores and “reorganize.” This time last year, there were three Borders stores in the KC that I know of—two on the Kansas side and one in Lees Summit, MO. There may have been another north of the river but I’ve never seen it.
Border’s CEO sent the message below via e-mail to everyone who was in the “Border’s Bucks” program.
I’m a “Border’s Bucks” program member. It has saved me some money of the past few years. But I’ve not bought a dead-tree book since last summer. I’ve gone digital.
Border’s website is…I’m a loss for words to describe how cumbersome, slow, inefficient, slow, crippled it is for ebook users. For example, to sort by author name is not an option. You can browse through ebooks by author name A-Z or Z-A, by release date (current to past and vice versa), by price (low to high and high to low), but you have to jump through numerous hoops to list ebooks by a single writer.
Brick ‘n Mortar stores are fading. On-line is in and if Borders wants to survive, the first thing they’ll do is replace—in its entirety, their website.
I hate to see any bookseller go under. But Darwin’s law applies to business as well. So far, Borders is not surviving.