Borders Books: A painful time to be a megabookstore

@Linkat,

Linkat wrote:

But we are supposed to cut them out from a magazine. I want my daughter to an A don't I?

Shrug. I guess so Laughing

I will say that there's no shortage of used or old magazines out there that are waiting to be cut up.

Cycloptichorn

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@Cycloptichorn,

Quote:

1, the costs associated with doing this are going to continue to rise until they become prohibitively expensive, and

2, the technology to read this stuff electronically will become better and better, and less expensive.

Im not a futurist. Im an opportunist. I see an opportunity to buck the flow and invest in some special print media stuff like specialty magazines.
There is a hugely bigger "wagon wheel" industry today than there was in the early 1900's.

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@farmerman,

farmerman wrote:

Quote:
1, the costs associated with doing this are going to continue to rise until they become prohibitively expensive, and

2, the technology to read this stuff electronically will become better and better, and less expensive.

Im not a futurist. Im an opportunist. I see an opportunity to buck the flow and invest in some special print media stuff like specialty magazines.
There is a hugely bigger "wagon wheel" industry today than there was in the early 1900's.

Yeah but the base materials and economic realities that make the industry currently possible aren't likely to continue into the known future.

Like I said before, I'm not talking about next week. But 2 decades from now I highly doubt you will be able to buy books or magazines for the same low price you can today.

Cycloptichorn

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@Cycloptichorn,

that would work, i sometimes cruise around shelfari, it's basically a bunch of virtual bookshelves set up by users, i rarely go to a book sore with a book in mind i just browse the sections i most enjoy

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@djjd62,

I recently started a Shelfari library because I was having trouble remembering all the books I've read, am thinking about reading and want to read. I'm amazed at how books I've already read - I never kept track before. Now when I hear about a book that sounds interesting I can "shelve" it in a place that's more secure than a scrap of paper and browse it when I have the time. It's a nice way to keep track.

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@Green Witch,

Well, you know I agree with you there, Green Witch..

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I like both kinds of book stores, but my heart hangs with used book stores, large or small.
So many happy hours I've spent in them...

It's a little like thrift stores and department type stores, to me. Dept stores sell what is in, this season. Thrift stores have old treasures, whether clothes or dishes or books.

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Sometime in the nineties, I wrote to Borders with an idea of mine about travel destination bookstores to be set in, say, airports and nearby hotels, and possibly elsewhere in various cities. Meant to include not only your usual travel guides, but books on the destination culture, architecture, archeology, art, music, and assorted fiction set at the destination - and so on. Some vice president wrote me back that he brought that up at a meeting and they were interested. Time went by. I inquired. The guy no longer worked there, if I remember correctly.

I have no idea if that was a useful idea for the company, but, hey, I liked it, and it went with their company name. I'd still like that kind of bookstore at an airport. (well, I would)

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@tsarstepan,

Borders in serious financial strife in Oz, too.
Not surprisingly.
This is not going down well with customers at all!:

Quote:

Borders and Angus & Robertson customers left holding gift certificates after the booksellers fell into voluntary administration are being told they must spend double the amount of each voucher in order to redeem the cards.

The booksellers have instructed staff to require customers to spend double the total value of the certificates, in effect matching one dollar for every dollar of credit on the voucher. Administrator Ferrier Hodgson, on its website, gives the example of a customer paying for a $40 book with a $20 gift card or voucher, plus $20 in cash.

The demands are confirmed on both booksellers' websites. REDgroup, owned by private equity firm Pacific Equity Partners, owns both chains as well as Whitcoulls books and stationery outlets in New Zealand.

"This is an absolute disgrace," said customer Colleen Budge after being told of the redemption conditions of her voucher at the Melbourne Central branch of Borders in the inner city. ...<cont>

http://www.theage.com.au/business/double-trouble-for-holders-of-borders-gift-vouchers-20110218-1ayth.html

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@msolga,

I'm surprised that's legal. It sounds like extortion.

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@Green Witch,

But apparently that's what's happening, Green Witch.
One of the headline stories in my city today.
http://www.theage.com.au/

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@msolga,

Just to be clear...Borders Australia has been a different company for several years.

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@hawkeye10,

In Oz, as best I understand, it's a combination of the "traditional" Borders & Angus & Robertson, a local company.

In any case, I am very sorry to see them go under like this.

I've been a regular customer at my closest Borders (Carlton, Melbourne inner city) & it's a terrific (huge!) book retailer.

My guess is that there's simply a lot less money to go around for luxuries like books in these tough times. For many, many people.
I never thought I'd ever have to curtail my own very established book buying habits, but I haven't had any choice in the matter.
Books are a lot more expensive in Oz than they are in the US.
I think, also, online buying from Amazon, etc, where considerably cheaper books are available, has heavily impacted on local booksellers, including Borders.

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@msolga,

I can't imagine how that's even legal MsOlga. It must have some kind of link to what's written in the fine print for Borders to make such demands on the customers when they try to use the gift cards.

Quote:

Legally, though, the booksellers are likely to be adhering to the terms and conditions of the vouchers, however unpopular the move is, a consumer law expert said.

But just because they CAN doesn't mean they should. Mad

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@msolga,

The minute I ever hear about a potential bankrupcy and if I had a gift card, I'd go and use it immediately.

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@Linkat,

Excellent personal policy to have Linkat.

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@tsarstepan,

Normally gift cards are honored in bankruptcy, but not always. Sharper Image comes to mind as one where they were not. There is no legal obligation to do so.

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@hawkeye10,

I wonder whether , during the reorganization, those gift cards are counted as liabilities which can get dismissed or downvalued

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@farmerman,

Quote:

I wonder whether , during the reorganization, those gift cards are counted as liabilities which can get dismissed or downvalued

The way I understand it this is the case, the court can decide to pay anything from $0 to $1 on the dollar, just as for any unsecured creditor. Obviously if the plan is for the company to come out of bankruptcy there is a lot of incentive to honor these, as not honoring them helps to ruin the brand. As I recall Circuit City originally honored them after bankruptcy, but as it became clear that the company would not survive they stopped.

Airlines routinely run their companies through bankruptcy, normally the FF miles are honored unless the airline liquidates, but legally they dont have to do so.

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Well it happened - the Borders near me is now closing as well. As a book member I get their emails - "Starts Today! Braintree store closing" This was a store not on the original list and it is usually very busy - at least when I go in.

I wonder if the other stores closing prompted people to go to their competitor Barnes and Noble. There is one several miles away. Although I like the Borders set up better.

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Borders Books: A painful time to be a megabookstore

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