In a heartfelt and humble letter sent to all the customers on Borders’ email list, CEO Mike Edwards details the end of a 40 year book buying tradition. Borders found themselves without a suitable buyer earlier this month and returned to court to start the liquidation process.
The book publishing industry has been in a downward spiral since the introduction of e-readers like the Kindle, the Kobo and the Android powered Nook and Nook Color. People are preferring to get their reading material instantly, and have it with them on the go.
More after the break
For the longest time I personally held out saying to myself that I would never enjoy the e-reading experience. I was one of those people who said “I need to be able to feel the pages”. After downloading a few books from Google Books, I have changed my thinkining. Reading books on an Android tablet is a lot more convenient for me as I am always on the go and travel a good 250 days out of every year. I used to like to bring three or four books along with me on trips but the weight of the books and fumbling through different books to find what I wanted to read is replaced by just clicking on it. Not only that but with Google Books I can read a few chapters on a tablet and pick it up on the phone later on.
As Edwards’ tells Borders customers:
“…The fact is that Borders has been facing headwinds for quite some time, including a rapidly changing book industry, e-Reader revolution and turbulent economy. We put up a great fight, but regrettably, in the end, we weren’t able to overcome these external forces…”
Borders liquidation sales will begin Friday morning (today for most of you reading this article). Borders will honor Borders books until July 31, 2011 and gift cards along with Borders Rewards Plus benefits will be honored until August 5th. Liquidation sales are expected to wrap up in September. After the liquidation is said and done over 17,000 Borders employees will be without jobs.
400 stores are set to close however Bloomberg is reporting that lawyers for Border’s told a bankruptcy judge they were in last minute negotiations with Alabama based Books-A-Million, to take over some of Borders’ leases and continue to operate them as book stores.
Thedroidguy’s Cameron Wright, often tells people to wait until the last days of the Borders’ sale. During the last round of Borders’ closures Wright and a friend were able to procure thousands of dollars worth of premium books for under $100
Source: Borders Inc