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NEWS: Borders Negotiates Credit Line, Delays More Payments


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Delpheno



Joined: 31 Mar 2008
Posts: 59

PostPosted: Wed Feb 02, 2011 10:32 pm Reply with quote
This does not sound good.
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firedragon54738



Joined: 24 Sep 2007
Posts: 2060
Location: wisconsin

PostPosted: Wed Feb 02, 2011 10:46 pm Reply with quote
Anime cry sigh this isnt good first new manga isnt on there store shelfs and they may have to close 150 stores and I know one of them is going to be the store near me
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Finny-chan



Joined: 18 Dec 2008
Posts: 222
Location: West Virginia, U.S.A

PostPosted: Wed Feb 02, 2011 10:54 pm Reply with quote
Thats sad and I hope the one in Huntington, WV isn't going to be one of the 150 stores since that is the closest one to me. Looks like I'm going to have to buy from Barnes and Nobel from now on in the near future. Sad
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Sailor S
Collector ExtraordinaireCollector Extraordinaire


Joined: 20 May 2009
Posts: 2739

PostPosted: Wed Feb 02, 2011 11:02 pm Reply with quote
Well, it's sounding like I'll be losing yet another excuse to leave the house. Looks like about the only thing I'll be buying offline anymore is groceries. Just hope Rightstuf keeps a good stock of manga handy.
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Guardsman Bass



Joined: 05 Jun 2009
Posts: 158

PostPosted: Wed Feb 02, 2011 11:18 pm Reply with quote
I wouldn't be shocked if Borders folds into a different company sometime in the next year. Their business model is in free-fall (including some bad management decisions), and unlike Barnes & Noble, they have nothing to replace it.
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agila61



Joined: 22 Feb 2009
Posts: 3137
Location: NE Ohio

PostPosted: Wed Feb 02, 2011 11:35 pm Reply with quote
Get out the butter, they're toast.

Wasn't this discussed on the last ANNcast? They are not as big a chunk of the manga market as they were before they started their slide, but they are still in double digits in terms of market share, and there is no ready substitute in terms of cash customers unless there is a B&N nearby.
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enurtsol



Joined: 01 May 2007
Posts: 9656

PostPosted: Wed Feb 02, 2011 11:39 pm Reply with quote
That's what they get for relying on manga. Laughing
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daggerbob



Joined: 25 Dec 2003
Posts: 49
Location: Colorado, US

PostPosted: Wed Feb 02, 2011 11:44 pm Reply with quote
Looks like Borders is trying to stick EVERYONE with higher prices on books if they get the publishers to buy off on converting Borders' debt to loans. These publishers will still need to find a way to recoup their losses and turn a profit. And what is a better way than to raise cover prices on the material.
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Teriyaki Terrier



Joined: 26 Mar 2008
Posts: 5690

PostPosted: Thu Feb 03, 2011 12:15 am Reply with quote
Well Borders, it was nice buying manga from you. Too bad your basically finished. A shame, but there is always Amazon and Ebay, so it's not a total loss.

Wonder what month they will officially file chapter seven?
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BookSock



Joined: 31 Jan 2010
Posts: 1

PostPosted: Thu Feb 03, 2011 1:19 am Reply with quote
I really hate that ANN puts these stories up. Then everyone has to come in and give their uneducated (and often tactless) opinion on what's going to happen to the company. Why do they release this information at all? It just makes their stock drop, and really doesn't help a goddamn thing.

If the bankruptcy is to "protect" them from creditors, that's most likely Chapter 11, which is not necessarily a nail in the coffin. And I really doubt that publishers will allow them to shut down without a fight, since it's just a shot in the foot.

Closing underperforming stores will help lower costs, and I think they'll be able to work through this.
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Ashen Phoenix



Joined: 21 Jun 2006
Posts: 1557

PostPosted: Thu Feb 03, 2011 4:24 am Reply with quote
And even more now than before, I hear the cries of, "Abandon ship!" tearing through the ether to my ears. Crying or Very sad

This is so sad. I feel like I need to hurry up and use the rest of my Borders giftcards before the stores completely vanish.
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Juhachi



Joined: 08 Apr 2006
Posts: 208

PostPosted: Thu Feb 03, 2011 6:08 am Reply with quote
This is pretty sad. There's a Borders really close to where I live, and I go there from time to time to buy a new book (not always anime/manga related). The only thing is that, despite being kind of a big store, a lot of the time they don't have what I want, so I leave empty-handed most of the time. Maybe this has been happening more often since Borders started to tank, though I can't really say.

In any case, it looks like my days of buying from Borders are officially coming to a close. It's a shame too, because I was going to buy the newest Book Girl novel from there, but then I read the news reports from ANN and thought it'd be faster ordering it off Amazon (btw, I've been reading it the past few days, and it's really good). /shamelessfanboyplug Laughing
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MrHatandClogs



Joined: 09 Nov 2010
Posts: 274
Location: Between two ferns!

PostPosted: Thu Feb 03, 2011 6:49 am Reply with quote
This sux, the only bookstore I have in my town in Walden Books(Small Subsidary of Borders).

Now I see why they're having "Buy 4 Get 1 Free", guess I better go support them, and buy up some back volumes.

Guess I'll probably have to just start using Rightstuf or Amazon, or I can have my local comic shop guy order them for me.

But, it's a pain having to make sure to pre-order everything.
And, for some reason, Diamond doesn't always get the books as fast as the book market.
(i.e. Alice in the Country of Hearts vol 5 was in bookstore a month before Diamond shipped it

I go out of town for work a lot, so I can hit up Barnes & Noble in neighboring towns.
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agila61



Joined: 22 Feb 2009
Posts: 3137
Location: NE Ohio

PostPosted: Thu Feb 03, 2011 11:00 am Reply with quote
BookSock wrote:
I really hate that ANN puts these stories up. Then everyone has to come in and give their uneducated (and often tactless) opinion on what's going to happen to the company. Why do they release this information at all? It just makes their stock drop, and really doesn't help a goddamn thing.
Because (1) they have to, to avoid getting thrown in jail for failing to disclose information relevant to the value of their stock or (2) because its something that someone else can release bits and pieces of, and its better for the company to release that they are negotiating on their accounts receivable with publishers than for it to slowly leak out from the publishers.

Quote:
If the bankruptcy is to "protect" them from creditors, that's most likely Chapter 11, which is not necessarily a nail in the coffin. And I really doubt that publishers will allow them to shut down without a fight, since it's just a shot in the foot.
The question is whether in the face of a secular decline they can restructure and come back ... the problem they face is ...

Quote:
Closing underperforming stores will help lower costs, and I think they'll be able to work through this.
... they've already done several rounds of store closures, and at some point they hit the point where they start losing the economies of scale that a big box chain depends on.
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nynextew



Joined: 31 Mar 2007
Posts: 78

PostPosted: Thu Feb 03, 2011 7:31 pm Reply with quote
I hate to say it, but I'm rather happy with this. I've have watched, for far too long, corner comic shops slump into the shadows because of big corporation-chain, book stores. Now that most of those stores are sinking, there is a newfound zeal in comic book shop owners.
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