Borders Bordering Bankruptcy

Borders, as some of you may know, is closing down. First the Borders UK, now Borders in the US.

Here are some statistics, taken from this article:

40
Number of years Borders has been in existence. It was once the second largest bookstore chain in the country, behind Barnes & Noble.

1,329Number of stores Borders operated in 2005

405
Number of Borders stores still in operation

717
Number of Barnes & Noble stores still in operation

200
Number of Borders stores that were closed earlier this year, after the company filed for bankruptcy protection

$1.28 billion
Assets Borders listed in its bankruptcy petition

$1.29 billion
Liabilities Borders listed in its bankruptcy petition

11,000
Approximate number of Borders employees who stand to lose their jobs if the remaining stores close

I personally don’t shop retail at bookstores. These days i mostly buy online from BookDepository (for a limited time, STILL the most awesome online bookstore in the world) and bookstore that is having a sale. And yes, sometimes at BookXcess.

But i spend a lot of time in bookshops, browsing books. And as far as the big bookstores in the Klang Valley (MPH, Kinokuniya, Times & Borders) I like Borders the best. And here’s a few reasons why.

They pioneered the comfortable seating concept in Malaysia. To be fair MPH does this also, but Borders were the first to openly embrace the concept here. And they are still the only store do so now. Sure, the kiasu Malaysian loves to sit and read magazines for free (and sometimes sleep), but I applaud Borders for sticking true to their customer charter.

They have the best selection of graphic novels and manga. By and large many manga readers give their own lot a bad name by reading for free and damaging the merchandise, but still Borders faithfully stocks them. And undoubtedly in terms of DC and Marvel graphic novels, this is the best place to shop. Only Kinokuniya is on par. MPH? Pfffft.

They generally still have the best selection overall. In terms of subject matter, they have a wide range. Kinokuniya may have the biggest and best selection, but outside KLCC, they have NO other branches. Can’t find a rare overseas print? Borders will order it for you FOC. MPH being a local store, can’t do this. In terms of selection, Times bookstore is almost laughable (sorry, but its true).

But having said that, they do thave their problems. For one, would it kill them to have a website for Malaysia? Even MPH has an online searchable database.

For a guy that visits Borders almost once a week, i can tell business is becoming increasingly tough and challenging for them. I sure hope Berjaya can keep it afloat.