Borders’ Bankruptcy Shakes Industry |
| New York Times - Feb 16, 2011 |
After Borders, the 40-year-old retail chain that helped define the age of the book superstore, filed for bankruptcy protection on Wednesday, the struggling book industry was left wondering what was next — and maybe even who was next.
The troubles of Borders are rooted in a series of strategic missteps, executive turnover and a failure to understand the digital revolution — problems in many ways of Borders’ own making. But as those in the volatile industry digested the news that most saw coming, they were acutely aware of the bigger picture: that in a fast-evolving bookselling environment there is slim margin for error.
“The book retailing industry is very challenging right now,” said Michael Souers, an analyst for Standard & Poor’s. “We’ve had significant transformation. Bookstores have gradually been losing their prominence, and the U.S. market is oversaturated in terms of the number of retail stores. So that trend will likely continue as e-books gain more prevalence in the market.”
Read Full Article from New York Times
- Posted: 2011-02-16 21:52:35
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