Borders Books has created a plan to ask the U.S. Bankruptcy Court to liquidate their remaining 399 stores, as if the economy could use anymore businesses going under. Overall the company hasn’t had the greatest public view, and would probably be better off liquidating their remaining stores anyways.
Border’s obviously isn’t aware that all book stores have had to reconstruct their business because of the economy and growing technology of e-readers. The economy may be to blame, but Borders’ faulty business attempts are a large contributing factor as well.
Borders recently employed financer, Bennett LeBow, has not been able to help Borders reconsider Bankruptcy.
Unfortunately, Borders Books employs over 10,700 people. Laying off over 10,000 people will not help rebuild the American economy. The last thing our country needs is more people on unemployment.
Although taxes may help pay for unemployment, unemployment only last for a certain amount of time, and takes away from money that could contribute to reconstructing our economy or getting the U.S out of debt.
Many Borders Bookstores are located in shopping malls and strip malls; both will suffer a large loss considering how large Borders Bookstores are.
Borders employees, customers, lease owners, and the U.S economy shouldn’t have to suffer due to a poor business organization and adaptation. Borders claims the growing success of online bookseller is the reason their business failed. In reality, Borders has failed to adapt to the online bookselling and e-reader industry.
Borders has already let go of thousands of employees and closed down over 300 stores. It seems like the reasonable thing to do is let go of the rest of the company. This seems unfair to employees, but it may be the only option for the poorly organized company.
It seems everyone is going to be punished for Border’s failed attempts to reconstruct their business. If Borders plan’s to liquidate the remaining stores is approved, Borders will hit a quick down spiral towards unemployment and a great amount of unhappy former employees.
It’s a shame that the technical rise and economic fall hit industries at the same time.