Retrieved by Pat Darnell
Re-TITLE: Bye, Bye, Borders?
JAN 5 2011 | [SOURCE]
by MEGAN MCARDLE - Megan McArdle is the business and economics editor for The Atlantic.
EXCERPT -- " ... Unlike Barnes and Noble, the company [BORDERS] never really successfully transitioned to digital, leaving it with a lot of physical inventory and real estate assets that are rapidly becoming albatrosses with declining sales. The company is desperately trying to renegotiate its debt, including payments to vendors.
This comes on the heels of last Friday's stock slide after news that Borders was missing payments to creditors. ... "(Murphy, Maxwell. Sep 2, 2010. WSJ HERE)
" ... Joseph Schumpeter coined the phrase "creative destruction" to describe the process of churn whereby old companies, technologies, and industries die, to be replaced by new ones. This process has brought us today's prosperity, and is a massive force for good in human history. But it is not without its sadness. You don't have to want to stop the process, to mourn for the real losses it entails. ... " (McArdle, Megan. Jan 5, 2011. the atlantic HERE)
NOte: " ... As of 2009, there were 517 Borders stores in the United States, and approximately 466 stores in the Waldenbooks Specialty Retail segment, including Waldenbooks, Borders Express, Borders airport stores, and Borders Outlet. ... Borders also operates calendar stores and mall kiosks under the Day By Day Calendar Company name.
" ... Borders was acquired in 1992 by Kmart, ... Kmart spun off Borders in a highly structured stock-purchase plan. The newly formed company was initially called Borders-Walden Group ...
Some stores have been closed, 182 in total as of January 2010, including ones in Santa Barbara, California and Overland Park, Kansas. ... "
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