Bye Bye Borders

The Borders in Pleasant Hill is closing down. In a strange turn of events, it would appear that the small mom and pop used book store is on its way to outliving the big box store. Interesting.

The real significance of this event though is that the PHBC will now need a new meeting spot! Where to go? Leave some suggestions in the comment area.

It's Not Just Libraries

Apparently for profit book sources are in trouble too.

From a story on Yahoo News

Borders Group

Associated Press

The printed book market just doesn't seem large enough for Borders anymore. Borders is the second-largest bookstore chain in the U.S. behind Barnes & Noble. Unfortunately for these companies, bookstore chains are going the way of the dinosaur with Amazon digitizing books and becoming the largest online seller of books in the United States. Borders is developing a Kobo e-reader to try and compete, but with e-book readers from Amazon, Apple and Barnes & Noble, Borders may be living on borrowed time.

How troubled is Borders? The company's stock currently sells for under $2 dollars a share. Borders has to repay a $42.5 million dollar loan due on April 1. If Borders can raise this money, the bookstore chain still faces a $360 million dollar note payment due July 2011.

Perhaps the most damning sign was that the company's CEO left to take a job at a supermarket chain. The company's short-term hopes lie in getting creditors to refinance debts. The best hope for long-term survival is an acquisition by a larger bookstore chain like Barnes & Noble.

Link: http://finance.yahoo.com/career-work/article/109251/businesses-on-the-brink-change-or-fail??mod=career-leadership