Author Topic: Real bookshops - is Borders' filing for bankruptcy a sign of worse to come? (Read 12687 times)

*CountessA* · « **on:** February 17, 2011, 01:06:36 PM »

http://finance.ninemsn.com.au/newsbusiness/aap/8212330/borders-files-for-bankruptcy-protection

Quote

Bookseller Borders, which helped pioneer superstores that put countless mom-and-pop bookshops out of business, filed for bankruptcy protection Wednesday, sunk by crushing debt and sluggishness in adapting to a rapidly changing industry.

[...]

According to the Chapter 11 filing, Borders had $US1.28 billion ($A1.29 billion) in assets and $US1.29 billion ($A1.3 billion) in debts as of Dec. 25.

[...]

It owes tens of millions of dollars to publishers, including $US41.1 million ($A41.37 million) to Penguin Putnam, $US36.9 million ($A37.14 million) to Hachette Book Group, $US33.8 million ($A34.02 million) to Simon & Schuster and $US33.5 million ($A33.72 million) to Random House.

Now, I don't actually like Borders - uninformed staff, bad bookbuying decisions (they stock so much that's poor in quality and don't stock the good things) - and Borders, without question, has killed off quite a few small specialist bookshops - but nonetheless, its filing for bankruptcy is worrying.

A lot of people seem to have no interest in real bookshops, a place where you'd browse through the wonderful array of titles, be tempted by something which had an attractive writing style, was recommended by a knowledgeable salesperson, looked intriguing, etc. Instead, they cocoon themselves in a little world where they only order online.

Drawbacks: they will not be tempted out of their own genre, because there is no denying that online browsing is a vastly different thing to shop browsing. They can't pick up a book and buy it on impulse for immediate reading. They won't open themselves to the first-hand knowledge of specialists, or have things recommended to them.

Pluses: cheaper prices - for now.

But will going for the cheapest price (clearly a "tempter", a "loss leader" designed to kill off all local competition) be the best option in the long run?

tellomon · « **Reply #1 on:** February 17, 2011, 02:16:28 PM »

Does this mean that G8 is making a Come Back?

*snipe*

low-enghooi · « **Reply #2 on:** February 17, 2011, 02:33:58 PM »

Quote from: *Countessa* on February 17, 2011, 01:06:36 PM

A lot of people seem to have no interest in real bookshops, a place where you'd browse through the wonderful array of titles, be tempted by something which had an attractive writing style, was recommended by a knowledgeable salesperson, looked intriguing, etc. Instead, they cocoon themselves in a little world where they only order online.

Hmm. If a real book shop is what as described here, unfortunately we don't have one where I stay. Online world, for good or bad, offer a lot more than I can take.

Yes we have Borders here. Anyway it is not a real book shop.

*smee* · « **Reply #3 on:** February 17, 2011, 03:05:59 PM »

sounds like you have all got it covered
its an open and shut case
unless they turn over a new leaf and have a review of operations
and start a new chapter in their business model
even then it might not be a binding decision
just a novel idea

*CountessA* · « **Reply #4 on:** February 17, 2011, 04:29:42 PM »

Right... it IS getting worse.

Today Borders (Australia) have gone into receivership.

Today Angus & Robertson (Australia) have also gone into receivership.

golden · « **Reply #5 on:** February 17, 2011, 05:08:14 PM »

http://bookshopblog.com/2011/02/14/the-imminent-murder-of-the-book/

There must be lessons learned from companies like Kodak for eg that were worth billions one day and no longer required the next. It is savage, not a generational slow change.

*Ubbie Max* · « **Reply #6 on:** February 17, 2011, 05:18:08 PM »

Struth. I have a gift card for Angus & Robertson sitting in the trusty wallet. I better redeem it ASAP.

I buy a lot of books from The Book Depository, an overseas online store . The prices can be less than half the Australian book store price including postage.

Books in Australia have been much more expensive to buy than books in overseas stores. Someone here is or was making a huge profit & I don't think it is the book stores.

*wheels* · « **Reply #7 on:** February 17, 2011, 05:21:56 PM »

An e-book is NOT a book!

I like to hold a book and turn the pages, not stare at a screen. I LOVE kids picture books, something that just wouldn't be the same on an e-book. I hope e-books will never totally replace real books. They do have value for text books and reference books that are regularly being updated. A bonus for students as they save money as well as their backs with less weight to carry in school-bags.

The Australian book industry has tried for too long to protect against imports and to keep prices high but has lost the battle with online shopping. It will be a shame if many of the Angus & Robertson stores close.

*Ubbie Max* · « **Reply #8 on:** February 17, 2011, 05:26:50 PM »

"An e-book is NOT a book" Wheels, I'm not sure if you thought I was intimating that the book Depository sells E books or not, however, The Book Depository sells hard copy books just like the books we buy in the book stores here.

*wheels* · « **Reply #9 on:** February 17, 2011, 05:36:42 PM »

Sorry Ubbs, I was commenting on the article that Golden had linked to "The imminent murder of the book".

I know all about the Book Depository. I think I even recommended it to you.

They also sell e-books.

*Ubbie Max* · « **Reply #10 on:** February 17, 2011, 05:40:14 PM »

I think you are right Wheels. My first book was the Photoshop Elements 5 book by Scott Kelby. It was A$10 including post. The same book here costs around A$50.

I've since bought a number of Scott Kelby photography books from the Book Depository as the prices are half the prices here, if the books can be found in the shops here.

*CountessA* · « **Reply #11 on:** February 17, 2011, 05:41:55 PM »

Book Depository is deliberately targeting Australian bookshops, and of course the cheap prices are fantastic... but... I don't want Australian bookshops to disappear.

I feel sick with myself at having bought some titles from them. I'm going to buy some books tomorrow from a real bookshop to assuage my terrible guilt.

*Ubbie Max* · « **Reply #12 on:** February 17, 2011, 05:53:25 PM »

I don't want them to disappear either Countess but, they don't stock many of the specialty books that are available overseas, Amazon & Book Depository.

I was in Dymocks yesterday with another of my gift cards but they had very little that I like in the fiction paperback section. I walked out without using the card.

low-enghooi · « **Reply #13 on:** February 17, 2011, 06:37:13 PM »

Quote from: *wheels* on February 17, 2011, 05:21:56 PM

An e-book is NOT a book!

The answer is CreateSpace

Quote from: *wheels* on February 17, 2011, 05:21:56 PM

I hope e-books will never totally replace real books.

Hmm.

http://www.bbc.co.uk/news/business-12305015

*Brum6y* · « **Reply #14 on:** February 17, 2011, 08:26:09 PM »

There is one thing I like about real books with real covers and real pages .... when the battery goes flat, it means you've fallen asleep.

Making notes in the margins and highlighting sections are a lot easier, too.

*smee* · « **Reply #15 on:** February 17, 2011, 08:51:43 PM »

The Book Suppository

Well you can shove them fair up your .........

*Brum6y* · « **Reply #16 on:** February 17, 2011, 10:07:39 PM »

Not a good idea - you are certain to get bound up.

Liisa-Sx · « **Reply #17 on:** February 18, 2011, 02:44:39 AM »

I have bought from both online and B and M store, and while I support the local B and M I have to purchase mostly from online because of the price point being 50% cheaper online.

Ps. the above was re \written several times due to me being out tonight with very old friends that felt it their goal in life to get me tipsy which is something I rarely do, however on this occassion I quite enjoyed it lol

PS. I also have the hiccoughs, so if anyone has a tried an true remendy I would appreciate it lol

bnwt · « **Reply #18 on:** February 18, 2011, 03:13:33 PM »

Double trouble for holders of Borders' gift vouchers

http://www.smh.com.au/business/double-trouble-for-holders-of-borders-gift-vouchers-20110218-1ayth.html

*wheels* · « **Reply #19 on:** February 18, 2011, 03:18:42 PM »

Gosh, Ubbs, I hope you got in and bought something with your cards.

*Ubbie Max* · « **Reply #20 on:** February 18, 2011, 05:01:26 PM »

Nope I still have the $30 card in my wallet.

It's an interesting legal situation. Are the buyers/possessors of Angus & Robertson gift cards creditors?

I better redeem my Dymocks gift cards quickly as Dymocks may go the same way.

*wheels* · « **Reply #21 on:** February 18, 2011, 05:07:17 PM »

Yes, taken from bnwt's article

The Australian Competition and Consumer Commission, meanwhile, advised customers to retain their receipts for vouchers as they in effect make holders creditors to the company.

*wheels* · « **Reply #22 on:** February 18, 2011, 05:10:07 PM »

This is on the A & R website

Purchase and Redemption in store
Angus and Roberston Gift Cards are not currently available for purchase in store. Existing gift cards may be redeemed in store. To redeem a gift card, you must spend at least twice the face value of the card (i.e. to redeem a gift card with a face value of $25, the customer must make a total purchase of $50 or more)

Purchase and Redemption online
Angus and Roberston Gift Cards are not currently available for purchase or redemption online.

*smee* · « **Reply #23 on:** February 18, 2011, 05:10:55 PM »

Birdie , if you take yout Barrett 50 with you , they will cash in your vouchers without any problems at all
and pay interest too if you want

The Barrett 50 speaks the universal language !!

*Ubbie Max* · « **Reply #24 on:** February 18, 2011, 05:34:50 PM »

Yep Smee that's the solution. I should also be compensated for the cost of the rounds that splatter their heads to bits. 50 cal ammo is not cheap.

*CountessA* · « **Reply #25 on:** February 18, 2011, 06:46:10 PM »

Two Christmases ago, I received an extraordinarily kind gift from the OzRTers - a gift voucher for Borders.

I am glad I've used up that voucher, and sorry that Ubbie, you are not in the same fortunate position.

I suppose one of the worst things is that you can't shout at the staff to express your frustration at what is truly rather a rip-off - it's not their fault. Who can you keelhaul...? Hmm... the MANAGEMENT!

*Ubbie Max* · « **Reply #26 on:** February 18, 2011, 07:04:21 PM »

I'll keelhaul the lot, from management down to the cleaner. No one will escape the wrath of the Ubbie.

bnwt · « **Reply #27 on:** March 01, 2011, 11:57:06 AM »

Borders millions in the red: administrator

http://www.smh.com.au/business/borders-millions-in-the-red-administrator-20110301-1bcfp.html

*CountessA* · « **Reply #28 on:** March 01, 2011, 12:01:51 PM »

Mr Sherman said the administrators had no choice but to begin reviewing which stores would close as all the company had was limited cash in the bank.

He told creditors that REDgroup's owner, Private Equity Partners, was considering shutting down some of the stores before the business went into administration.

Staff and creditors should know in the next 72 hours which stores will be closed.

*wheels* · « **Reply #29 on:** March 01, 2011, 05:36:32 PM »

Failed bookstores may be shut next week

http://www.news.com.au/business/retail-strong-as-borders-reveals-debt/story-e6frfm1i-1226014249035

Borders collapsed owing millions to staff

http://www.news.com.au/business/retail-strong-as-borders-reveals-debt/story-e6frfm1i-1226014110090

*wheels* · « **Reply #30 on:** March 04, 2011, 12:08:09 AM »

The store closures have been announced and will be effected over the next three weeks:

REDgroup store closures
Brand Store State Staff
1. A&R Canberra Centre ACT 4
2. A&R Tuggeranong ACT 8
3. A&R Blacktown NSW 9
4. A&R Erina NSW 7
5. A&R Hurstville NSW 7
6. A&R Liverpool NSW 6
7. A&R Mt Druitt NSW 6
8. A&R Newcastle Mall NSW 14
9. A&R Town Hall Square NSW 8
10. A&R Warrawong NSW 8
11. A&R Wetherill Park NSW 7
12. A&R Winston Hills NSW 8
13. A&R Australia Fair QLD 9
14. A&R Browns Plains QLD 7
15. A&R Chermside QLD 9
16. A&R Garden City QLD 8
17. A&R North Lakes QLD 7
18. A&R Redbank QLD 8
19. A&R Sunnybank QLD 7
20. A&R Adelaide City (RMA) SA 7
21. A&R Broadmeadows VIC 7
22. A&R Camberwell VIC 10
23. A&R Corio VIC 7
24. A&R Cranbourne VIC 10
25. A&R Epping VIC 10
26. A&R Geelong (BAY) VIC 12
27. A&R Glen Waverley VIC 4
28. A&R Heidelberg VIC 6
29. A&R Highpoint VIC 5
30. A&R Karingal VIC 6
31. A&R Melton VIC 5
32. A&R Parkmore VIC 9
33. A&R Southland (2) VIC 8
34. A&R Watergardens VIC 8
35. A&R Waverley Gardens VIC 8
36. A&R Perth WA 22
37. A&R Perth Railway WA 6
38. Borders Rouse Hill NSW 24

*FluffyDuckee* · « **Reply #31 on:** March 09, 2011, 08:33:15 AM »

Very sad I think.

*CountessA* · « **Reply #32 on:** March 09, 2011, 11:19:41 AM »

It is sad. But what's sadder is that smaller speciality bookshops are suffering badly... and quite a few will have no option but to close.

It breaks my heart.

callostemma · « **Reply #33 on:** March 20, 2011, 01:19:49 PM »

Ubbie

Keep it for a few years and then sell as memorabillia on

News:

Author Topic: Real bookshops - is Borders' filing for bankruptcy a sign of worse to come? (Read 12687 times)