Borders Finally Goes Belly Up - Page 2
Why did they fail?
Most critics state that the company trailed a decade behind the growing trend in on-line shopping and the burgeoning eReader market. Others criticize their outsourcing to other companies such as Amazon, Kobo, and Lulu as their inability to adapt to a changing market.
What happens to Borders stores now?
Author Ann Patchett along with business partner Karen Hayes teamed up after the Borders bookstore and a big independent bookseller closed in Nashville, TN and announced their own plans for opening a bookstore called, Parnassus. The difference? While the older bookstores covered 30,000 square feet. Parnassus may cover only 2,000-3,000 square feet.
Another former Borders store was built on a local historic site in Columbus, OH and had incorporated furniture from the Henderson homestead. The community is concerned about what will become of the real estate. A firm which is leasing the property are speaking with interested parties, but no firm offers have been made yet.
Grossman Companies in Boston, MA has snapped up a Borders storefront because of the prime location and what David Grossman called 'irreplaceable real estate.'
Hold on to your hat cowboy...
The business of books has ridden a wave of expansion spanning almost 30 years. Then came the silent whir of the digitizing of paper books via Google Books Library the projected sale of 752 million eBooks in 2012 on Amazon (by Citigroup), and the new surge of million dollar club self-published authors such as Amanda Hocking and John Locke.
All of this may not spell the end of paper books and traditional publishing as we know it, but it sure makes for on interesting ride.