As most of you know, Borders Group filed for bankruptcy in February of this year in an attempt to reorganize its business. On July 18, Borders asked a bankruptcy judge for permission to sell off its remaining stores. Eight years ago, Borders was at its peak and operated 1,249 bookstores, under the Borders and Waldenbooks names, and employed 19,500 people. In July it was down to 399 stores and 10,700 employees.
I just drove by my local Borders. Even though I didn't particularly like Borders, it was sad to see the Going Out of Business banner draped over its doors, especially when considering the employees who are losing their jobs. But with the rise of digital publishing, several missteps by Borders, and the growing popularity of e-readers and online buying, its understandable. I've seen several bookstores close in my city over the years, but this particular one seems a bad sign for books. As a writer and reader, that troubles me. I still prefer print books to electronic, but they may not always be available.
How do you feel about this bankruptcy? Do you think it's the economy, the rise in electronic books, or a combination? And what about the trends in general? Are you excited by the growing popularity of e-books? And are you still excited by it if it means fewer and fewer print books in the future?
