The End Of An Era - BORDERS closing remaining stores

[guyver01]

http://www.huffingtonpost.com/2011/07/18/borders-jobs-layoffs-bookstore-employees_n_902024.html?1311024980&ncid=edlinkusaolp00000008&ref=fb&src=sp

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Bankrupt Borders Group Inc said it has canceled its auction and will sell itself to a group of liquidators.
Borders announced the decision on Monday, saying it was not able to reach a deal for a going-concern sale to salvage its 400 remaining stores and 11,000 jobs.
A liquidation group led by Hilco Merchant Resources will begin liquidations as early as Friday, Borders said in a statement. The bookseller will seek bankruptcy court approval of the closing procedures at a hearing set for Thursday.
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[slayer202]

last time a round of stores were closing I picked up a bunch of stuff for $2/book. I wouldn't mind doing that again

 

[Krynj]

Awesome. I smell a shopping spree coming up.

 

[ChaoZ]

Damn, gotta get rid of my gift cards now.

 

[SandEagle]

i blame the internet. nobody wants to read anymore. we are raising a dumb and uneducated society. hopefully they turn those empty Borders. stores into Gamestop shops

 

[nick1985]

i blame the internet. nobody wants to read anymore. we are raising a dumb and uneducated society. hopefully they turn those empty Borders. stores into Gamestop shops

Maybe you can buy some personal finance books for cheap. Might do you some good.

:thumbsup:

 

[Krynj]

i blame the internet. nobody wants to read anymore. we are raising a dumb and uneducated society. hopefully they turn those empty Borders. stores into Gamestop shops

Not quite sure about that. Borders has insane markup on everything. And offer nothing in the way of e-books. They failed to evolve, and now they're going out of business.

I'll definitely be swinging by to pick up some books on the cheap.

 

[BoomerD]

Damn, gotta get rid of my gift cards now.

They might already be no good. Often, once a company goes into bankruptcy, the gift cards get disallowed.


http://www.dca.ca.gov/publications/legal_guides/s-11.shtml

Q.6. What happens if the seller of the gift certificate or gift card files bankruptcy?

A. A gift certificate or gift card sold by a seller that seeks bankruptcy protection may have no value. However, the holder of the certificate or card may have a claim against the bankruptcy estate.

Sellers that file "Chapter 11" (reorganization) bankruptcy intend to stay in business, so they typically will ask the bankruptcy court for permission to honor gift certificates in an effort to maintain good customer relations.

If the bankruptcy court does not allow gift certificates or gift cards to be honored, or if the seller files "Chapter 7" (liquidation) bankruptcy, holders of gift certificates or gift cards are creditors in the bankruptcy case. They have relatively high priority among unsecured creditors in a Chapter 7 case, and may receive some percentage of the certificate's or card's value, but only if the bankruptcy estate has enough assets to pay claims. For information on filing a claim, and other basic information on bankruptcy, see "Consumer Tips on Retail Store Bankruptcies," under the "Publications" tab at www.dca.ca.gov, and then go to the "Consumer Publications" section, for the list of consumer publications.

A recently adopted California law is intended to help gift certificate and gift card holders when the seller declares bankruptcy. It requires a seller in bankruptcy to honor gift certificates issued before the date of the bankruptcy filing.25 No court has ruled on the effectiveness of this law.

http://www.usatoday.com/money/perfi/columnist/block/2008-11-17-gift-cards-cash-block_N.htm

http://www.marketwatch.com/story/bankruptcies-often-leave-consumers-holding-worthless-gift-cards

 

[Tsavo]

Maybe you can buy some personal finance book for cheap. Might do you some good.

:thumbsup:

Post of the week.

 

[SonicIce]

yea well maybe if everything in there wasn't a freaking rip off this wouldn't have happened. i liked going in there though

 

[Craig234]

This is sad. I liked the stores.

One factor that should not be ignored is people being able to go into Borders - who paid all the expenses for nice shopping and browsing - and then not pay them anything while going home and buying from Amazon who had not paid any of those expenses and also did not collect sales tax.

The gift cards still seem ok on borders.com.

 

[Anubis]

i blame the internet. nobody wants to read anymore. we are raising a dumb and uneducated society. hopefully they turn those empty Borders. stores into Gamestop shops

i purchased and read a book last week

real book from amazon finished it on Saturday

 

[waffleironhead]

the end of an era of overpriced books/movies/music and poor customer service?

good riddance

 

[datalink7]

Maybe you can buy some personal finance books for cheap. Might do you some good.

:thumbsup:

That and a book on basic English composition.

 

[Capt Caveman]

i blame the internet. nobody wants to read anymore. we are raising a dumb and uneducated society. hopefully they turn those empty Borders. stores into Gamestop shops

And you're proof of that...

 

[Gigantopithecus]

That and a book on basic English composition.

No, that'd be for texashiker or whatever - the guy whose every single post is littered with basic grammatical mistakes and then gets all pissy and calls people grammar nazis for pointing out that he has the written English skills of a first grader.

Edit: To hell with Borders. Adapt or die!

 

[Gibson486]

Not quite sure about that. Borders has insane markup on everything. And offer nothing in the way of e-books. They failed to evolve, and now they're going out of business.

I'll definitely be swinging by to pick up some books on the cheap.

insane markup? it was the same markup as the B&N stores (MSRP price). Same for the CDs and DVDs. Only difference is that B&N kept evolving while borders always waited to see where the industry went.

 

[Slew Foot]

Good riddance to overpriced crap.

 

[Bignate603]

i blame the internet. nobody wants to read anymore. we are raising a dumb and uneducated society. hopefully they turn those empty Borders. stores into Gamestop shops

Somehow in the course of a 4 sentence post you went from bemoaning people becoming uneducated due to electronics to hoping that they turn the stores into places that sell more electronics.

 

[Krynj]

insane markup? it was the same markup as the B&N stores (MSRP price). Same for the CDs and DVDs. Only difference is that B&N kept evolving while borders always waited to see where the industry went.

There's an independent record/video games/movies/books store in my area that was always at least 35% cheaper than Borders. I liked shopping in Borders because it was a pretty nice store to go in and browse, but I'd never buy anything there. In my experience, their prices were just way too high.

So yeah, insane markup. If the little guys with only 10 stores in 2 states can have little to no markup, no reason why Borders couldn't do it.

Borders waited to long to see where the industry went. They got left behind.

 

[Rudee]

i purchased and read a book last week

real book from amazon finished it on Saturday

You want a Pork Chop or something?

 

[Exterous]

Good riddance to overpriced crap.

I will miss their near constant 33-50% off coupons. Made them the cheapest place to buy new paperbacks - including Amazon

 

[xSauronx]

This is sad. I liked the stores.

One factor that should not be ignored is people being able to go into Borders - who paid all the expenses for nice shopping and browsing - and then not pay them anything while going home and buying from Amazon who had not paid any of those expenses and also did not collect sales tax.

The gift cards still seem ok on borders.com.

i barely even buy from B&N anymore when i want a dead-tree book. taxes aside, amazon is still going to be cheaper for most stuff. ill still go in every now and again and look at the bargain section, or browse to kill some time.

 

[KaOTiK]

Damn, I liked my local Borders, with their free rewards program you could sign up for I got coupons once or twice a week for 30-50% off. Guess I'm going to have to go there and try and hope I can get the cute girl that works there that I've been talking to the last few times :hmm:

On the bright side at least, I'll be able to pick up a bunch of books 40-50% off again like I did during the first round of closings.

 

[Gibson486]

There's an independent record/video games/movies/books store in my area that was always at least 35% cheaper than Borders. I liked shopping in Borders because it was a pretty nice store to go in and browse, but I'd never buy anything there. In my experience, their prices were just way too high.

So yeah, insane markup. If the little guys with only 10 stores in 2 states can have little to no markup, no reason why Borders couldn't do it.

Borders waited to long to see where the industry went. They got left behind.

yeah, that is what set them and B&N apart. B&N had the same high prices at B&M stores, but they started pimping out their e-reader early. Also, B&N has starbucks in store (not that I like them)...Borders had this company I have never heard of that tried to hard to be starbucks.