Borders Bankruptcy filing next week, what is taking so long!

Discussion in 'Wall St. News' started by S2007S, Feb 11, 2011.

  1. S2007S


    Nothing new I know, but just saying that anyone who thinks barnes and nobles is going to hold onto its own better think twice, the future is digital, everything from dvds, cds, books, and anything else in print will disappear forever, don't think for a second that this is just borders problems, its not, the whole economy is shifting into a digital world and book stores like barnes and nobles, print companies and even libraries and companies that print $300 textbooks for college classes will soon be closing up as well.

    Borders thinks that by closing 200 of its 674 stores they will be back in the game, haha, who the fuck are they kidding, how come these big guys on top of this company dont comprehend change. Do they actually believe they can shut down 200 stores and do a few changes here and there and think that they are going to take on the digital world, they must be joking. The transition is already here and adapting to it is just too late, the e-book market is growing rapidly and there is no stopping it, the book is long gone!!

    Report: Borders bankruptcy filing likely next week
    Report: Borders could file for bankruptcy protection Monday or Tuesday

    On Friday February 11, 2011, 3:24 pm EST

    NEW YORK (AP) -- Borders Group Inc. may file for bankruptcy reorganization as early as Monday or Tuesday, according to a report in the Wall Street Journal.

    The No. 2 traditional bookstore in the U.S. also plans to close about 200 of its 674 stores and cut thousands of jobs, the newspaper reported on Friday, citing sources it did not name.

    The story also says Borders is hearing pitches from Bank of America Corp. and General Electric Co.'s finance arm for $450 million in financing to keep operating under bankruptcy protection.

    "There have been constant inquiries by reporters, and stories written, regarding whether Borders is considering a Chapter 11 filing," said Borders spokeswoman Mary Davis. "Borders is not prepared at this time to report on the course of action it will pursue."

    GE Capital had no comment. Bank of America could not be immediately reached.

    Borders has struggled with losses for years as it tries to adapt to a changing book industry. More people are buying books online, at discounters and other stores.

    The company reported sales at its namesake superstores open at least a year were down 14.6 percent for the crucial holiday period this year.

    Borders has also been playing catch-up in the rapidly growing e-book market. It entered into the electronic book market with Canada's Kobo Inc. last year, but that announcement seemed belated after chief rival Barnes & Noble announced its own dedicated e-reader, the Nook, in 2009, and has invested heavily in a related online store.'s Kindle has dominated the e-reader market.

    Borders has cut jobs and closed stores to boost its finances while also shifting its focus from less-profitable categories such as music in order to concentrate more on children's books, toys, stationery and its cafe.

    Borders received a commitment for a $550 million credit line from GE Capital in January. But it said at the time it was still considering an in-court restructuring.

    The company received a delisting warning from the New York Stock Exchange last week because its stock has not traded above $1 for 30 consecutive days.

    On Friday, the stock fell 12 cents, or 30.9 percent, to 26 cents during midday trading. The stock has traded between 23 cents and $3.29 over the past 52 weeks.
  2. I really hope they survive. Anyone with a little bit of research and patience will find many of the higher cost book prices are typically lower than amazon, believe it or not. Perhaps that is their folly? Secondly, with amazon, you can't even really preview the books (ok, several pages on some, very few on most).

    It will be a sad day if Borders ever crumbles. I for one, don't look forward to it.

    But, yeah, I'm really looking forward to the day when they have a license per reading period fee that periodically refreshes on any 'digital' title you purchase.. er rent (sorry, this edition is no longer in publication, please upgrade your purchase to the latest edition to continue enjoying the wonderful contents).
  3. Your so biased and full of shite. I love borders as a store but business is business.
  4. Yawn, if you have a contention on anything I stated, feel free to state some facts. Your one line sewage commentary doesn't add much to the discussion. I see ET hasn't changed much.
  5. S2007S


    Cost of the book and being able to preview the book, if people really cared that much about buying a book than why is this company going bankrupt??

    Amazon would not have existed if people really put thought into the price they paid for a book and being able to review it before purchasing, but this is 2011 not 1974.

    E-books are taking over if you like it or not, there is absolutely no going back, e-books aren't going away anytime soon, the more e-books the less print, the less print the less need for store fronts like borders and barnes and nobles. Even libraries will be non existent in years to come, anything to deal or do with print in the next 5-10 years will be gone forever.
  6. I don't dispute most of this, musical media has historically made the transition between mediums to digital in such short spans. Why on earth anyone wouldn't care about prices, previewing, and full ownership rights (to buy and sell or do as you please with the purchase as long as you like) is beyond me... but, I can't really speak for anyone else on that.
  7. they will not being going away anytime, as they are not businesses
  8. Wouldn't it be funny if we fast forward ten years and us book lovers can print and bind our own books at home.

    Download the book, choose the size font, page size, custom cover and print it out and have some home made binding with a front and back hardcover.

    The cycle would start all over.

    We'd see late nite infomercials on tv on how to make your own books at home.:D

    p.s. I just checked. Martha Stewart has a web page on hwo to bind your own book.
  9. One of these days, you may be "right" on "that". :cool:
  10. zdreg


    ' Forums ›› Main ›› Wall St. News ›› Borders Bankruptcy filing next week, what is taking so long!"

    it is hard to hit the button. understand?
    #10     Feb 13, 2011