This Just In: Borders Files for Chapter 11
John O’Neill has already written about this, but I just got the actual corporate balderdash letter. . . .
I received the email today through the Borders Rewards Program (I live next door to one of the stores, so I have to belong) in which Mike Edwards, the CEO of the Ann Arbor-based, MI chain, discusses the, ahem, “plans” for the future. Those plans are centered on a major announcement made earlier today:
[Fluff, fluff, ongoing mission, enlightenment, blah, blah, blah, but . . .] because of the ongoing impact of the difficulties of the U.S. economy, coupled with the rapidly changing bookselling environment, we must restructure Borders and reposition our business for long-tern success. We determined that the best path for Borders to have the ability to achieve this reorganization is through the Chapter 11 process, which we commenced February 16.
Edwards continues to state that the stores will remain open for business, the Rewards program remains in effect, gift cards will be honored, eBook libraries are perfectly safe. But, still, bankruptcy and all.
A Bloomberg article that can explain this better than I can.
But I’m not afraid for Borders . . . Howard A. Jones’s Desert of Souls will pull up sales! (Except that I bought my copy through Amazon. Uhm, sorry Borders. I see what you mean about “changing bookselling environment.” But I did get it a day before the street date!)
I got the same letter!
Plus, I just learned they’re closing the Borders here in St. Charles, IL. Bummer!
I really wanted to print the whole letter. It’s a masterpiece of corporate double-talk!
They are killing many in L.A., two in L.A. proper, one in Rolling Hills Estates that I’ve actually been to, and two I’ve been in down in Long Beach. As far as I know, there will no longer be a Borders I’m aware of here in the L.A. area’s I frequent, which says a great deal. Still, if I shop a brick bookstore, it’s B&N, so it doesn’t really impact me, but yeah, Amazon is a killer…
The one next to me, the Century City one, will remain open. It does huge business because of the mall. I do shop there a lot because I can just walk there and always use the email coupons to the best of my ability, but never buy music or Blu-rays from them (Amazon prices are better, free shipping over $25) and still order about half my books online because brick-and-mortars don’t often stock what I am looking for. And because I knew I could get Desert of Souls the day before it hit the shelves, Amazon got my business on that one.
Century City… you must be in the money livin right up next to Beverly Hills 🙂
Yeah, in a fifty-year-old building I can only afford to live in because I moved in fifteen years ago and have rent control!
Come on Ryan, I see the checks you get from John, you are totally eyeing that 90210 area code 🙂
For better or worse, the Borders in my area is not on the list. Finding what I want on the shelves is usually hit and miss, but Borders have always been great at ordering things that I’ve been looking for. Just recently ordered all three of James Enge’s books for $40.
Ahhh! I still have $8.99 on a Borders gift card from Christmas. I must spend it before this fly-by-night operation closes down completely. I was actually very surprised they were only closing one here in Nevada. I guess people on the Vegas strip don’t go there for the books.