Eventually, it also developed its own e-reader, the Nook.īorders did not. He says Barnes & Noble also invested in beefing up its online sales. And at that same time, Barnes & Noble was pulling back," says Peter Wahlstrom, who tracks Barnes & Noble for the investment research firm Morningstar. went heavy into CD music sales and DVD, just as the industry was going digital. "It made a pretty big bet in merchandising. Borders built a reputation on offering a huge variety of books - tens of thousands of titles in a single store - at a time when most bookstores could afford to stock a fraction of that.īorders also had an early technical advantage: a superior inventory system that could optimize, and even predict, what consumers across the nation would buy.īut in the mid-1990s, Borders lost its edge. The vast tracts of retail space that Borders will soon vacate speak to a gargantuan business that essentially killed itself. But Borders made some critical missteps over the years that cost it the business. Along with competitor Barnes & Noble, Borders pioneered the book megastore business. The retailer's first bookstore opened in Ann Arbor, Mich., 40 years ago. The chain's 400 remaining stores will close their doors by the end of September.
The company will be liquidated - meaning sold off in pieces - and almost 11,000 employees will lose their jobs.
It appears to be all over for the Borders bookselling chain.
Borders Group Inc., the nation's second-largest bookstore chain, announced that it will liquidate the company.
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