Borders has been bordering on bankruptcy for a long time. Today, it finally filed.
Borders Group President Mike Edwards said this to say in a prepared statement:
“It has become increasingly clear that in light of the environment of curtailed customer spending …. and the company’s lack of liquidity, Borders Group does not have the capital resources it needs to be a viable competitor.”
Hardly an ephipany. More like surrender.
Borders hopes to reorganize under Chapter 11 and start all over again, but that’s going to be a tough battle, even with all its planned cuts and store closings.
What’s Borders going to become other than another outlet for digital reading devices? Amazon.com, Barnes & Noble, et al, are selling most of those already.
Borders is about as useful to the American consumer as Blockbuster video.
Not long ago, it was no fun watching Borders and Blockbuster putting all the little mom and pop stores of their respective industries out of businesses. Now it’s their turn.
When was the last time you visited Borders?