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With so many people going online to buy books, Borders lost out. The last time it turned a profit was 2006. In February of this year, it filed for bankruptcy protection.
In March 2008, Borders Group announced the intention to sell the chain because of financial difficulties. Borders Books was rumored to have approached Barnes & Noble in hopes of a buyout.
- It was too late to the Web. For years, Borders outsourced its online book-selling to Amazon.com. So anytime you visited borders.com, you were redirected.
- It was too late to e-books. In a similar vein, Borders didn’t foresee the rise of e-books like Amazon and later Barnes & Noble did. It didn’t develop its own e-reader to compete with the Kindle or the Nook, and Borders only opened an online e-book store a year ago.
- It opened too many stores. Borders just got too big — so big in fact that many of its stores (an estimated 70 percent) were competing with a local Barnes & Noble’s, offering a glut of book stores even as people were shifting to online shopping.
- It had too much debt. When the recession hit in 2008-09, Borders was already carrying a huge debt load. It had restructured twice since 2008 in an attempt to pay down some $350 million owed.
Oct 21, 2021 · It’s been almost exactly ten years since the last Borders bookstore closed, following the company’s February 2011 bankruptcy. Vacating roughly five hundred locations throughout 2011, the erstwhile king of brick-and-mortar book retailing left behind a massive real-estate footprint, millions in unused gift cards, and a lot of memories.
Mar 4, 2022 · Borders might have started out as just a bookstore, but it didn't stay that way. The stores later shifted to selling DVDs and CDs and opted to heavily focus on that market in the 1990s, according to Time. But ultimately, it wasn't as great a success as business executives might have hoped for.
Jul 21, 2011 · This week, major international bookseller Borders announced it would liquidate its inventory and shutter its stores. More than 10,000 workers are expected to be laid off. Thursday on the PBS...
Jul 19, 2011 · Yesterday, Borders (BGPIQ) finally gave up. After not finding a buyer, the financially-strapped bookstore chain decided to close. The fire sale could happen as soon as Friday.