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It’s the End for Borders, but How Are Independent Bookstores Faring?

This week, major international bookseller Borders announced it would liquidate its inventory and shutter its stores. More than 10,000 workers are expected to be laid off. Thursday on the PBS NewsHour, Jeffrey Brown talked to Annie Lowrey of Slate about the fall of that retail giant.

When Borders established itself as a major chain in the 1990s it became, along with Barnes & Noble, and later, online retailer Amazon, a main competitor of small, independent bookstores around the country. Today, if they were fortunate to outlive Borders, small stores are facing some old challenges (the recession) as well as some new challenges (e-books).

Art Beat called some notable independent booksellers across the nation to see how they are faring and adapting in the current climate, and they responded via email.

Here are excerpts from their responses:

It is ALWAYS sad to see a bookstore close. It has an effect on the book business from top to bottom – publishers to independent retailers. One fear is that people served by Borders live in places that aren’t/can’t be served by an independent bookstore. They will be forced to go online to a place like Amazon. Not good for us. However, there is now an impetus to open more independents in these areas. We don’t believe that people are necessarily buying fewer books, at least that is not our experience. We are doing well and can now sell ebooks online to our customers through Google e-books. We are a destination and a community gathering place and consider that to be one of the most important functions we serve. It is so important to nurture the human touch!

Square Books (right), Oxford, Miss. Lyn Roberts, General Manager

This is not to say that Square Books has not felt the effects of recession. Sales have not seen any significant increases over the past two years, but seem to be holding steady. We have the support of the writers in our community and those whose books we have read and promoted, the readers and citizens that appreciate what we offer, and the publishers with whom we have worked with for many years. The world of books is unarguably changing, but we also will adapt so as to continue to remain a mainstay in the community.

City Lights Books, San Francisco Elaine Katzenberger, Executive Director and Publisher

Now more than ever, we believe that what we do is crucial. We believe that intelligent discourse and unfettered questioning are the foundations for any hope for an engaged citizenry, crucial for democracy and for the health of us all. We’ve been an independent bookseller and publisher for over 55 years, and the vision that still inspires us was born in a time similar to our own — a prevailing culture of paranoia and fear — and City Lights was founded as an attempt to further a robust, informed confrontation with the realities of the time. Providing a place for people to engage with ideas — and with each other — is what bookstores, and books themselves, do. We’re committed to that mission, and to those who share it.

Like all small businesses, our capacity to continue playing a meaningful role is being challenged in many ways: most obviously by the global downturn in the economy, and by the effects that developing technologies are having on every aspect of our lives, but most powerful is the challenge of a media culture that seems intent on devaluing intelligent discourse in order to increase profits. Our hope lies in the strength of enough people’s ability to resist that numbing force, and as long as those people remain committed to a future that’s not dictated purely by profit margins, City Lights will survive, and continue to do our part.

Politics and Prose Bookstore, Washington, D.C. Lissa Muscatine and Bradley Graham, owners

Politics and Prose continues to thrive as an independent bookstore because we are so deeply rooted in our community — a community that appreciates the difference between an independent, socially-conscious, neighborhood institution and a national brand. Our customers want and demand civic engagement and set a high intellectual bar. We offer them an experience they simply cannot get on-line or at big box stores and chains. Our booksellers are expert curators who understand the tastes and interests of our customers. We host 500 events in the store each year with leading (and emerging) authors. We offer courses and classes, organize and lead book clubs, and are a gathering place for readers, writers, thinkers, and citizens who want to be involved in serious discourse about the ideas and issues of the day. Moreover, we partner with local schools, universities, cultural institutions and other organizations in ways that build and strengthen our community. We contribute to our community by paying local taxes, unlike some of the on-line retailing giants. In short, we are genuinely part of our community, and that is a key to our success.

Unabridged Books, Chicago Stefan Moorehead, Buyer

The definition of thriving hasn’t changed for physical independent bookstores over the years. We aren’t trying to appease stock holders or increase our market share every quarter, we’re trying to be the best bookstore we can be for our community and the people that support us by reading and loving books. We love to tell the story that the same week that Border’s was closing down the street, we were putting in new carpet. We love books, are committed to their future, and committed to our future in our city.

Surviving has always been a tightrope walk. Our store has survived a dozen competitors over our 30 years within a half mile of the store, so we offer value to our customers. Value in price: we carry a large remainder section of not quite brand new hardcovers all under $10; value in our stock: tens of thousands of books are published every year. We only have space for a small percentage of that. We carry what we’ve found to be the best of the best. And our recommendations aren’t based on an Internet algorithm. We’ve actually read our recommended books. And any two people want two different things. Why should they be pigeon-holed into buying whatever the steepest discount is? Sure, people want to read “The Help,” but where do you go after that? We know the answer by listening to our customers and the community, and that will never change.

Prairie Lights, Iowa City, Ia. Jan Weissmiller, Co-Owner

Prairie Lights is lucky to be located in Iowa City, Iowa — home of the famed Iowa Writers’ Workshop and one of the four cities worldwide to be designated a City of Literature by UNESCO . Our connections with writing and publishing have meant that we have a flourishing reading series which, in turn, has given us a strong public presence and much community support. Our large and knowledgeable staff — which includes writers, visual artists and actors — are able to recommend books on a daily basis to readers of all ages. Nevertheless, online buying, the floundering economy and the loss of market share to e-books have been very challenging. We are constantly in the process of innovating the business to the current climate. We partnered with Google Editions through IndieBound in order to make e-books available on our website. We have a gifted videographer on staff who films our buyer — the venerable Paul Ingram — discussing current books. Those can be seen both on our website and our YouTube Channel.

The Strand Book Store, New York Nancy Bass Wyden, co-owner

The Strand Book Store has been around for 84 years, surviving Book Row, the Great Depression, big box stores and online retailers, because Strand founder Benjamin Bass, his son Fred and granddaughter Nancy Bass Wyden have been willing to change with the times and keep pace with their customers’ needs.

As a family-owned business, the Strand has the ability to adapt to changing circumstances quickly. When our customers began requesting new books, we started buying books directly from the publishers; when we witnessed a steady increase in our online sales, we redesigned the site to make shopping at strandbooks.com even easier; when customers asked for gift wrap and greeting cards, we added a stationery department….

[W]e host weekly events with authors and artists; we have fun writing and art contests; we sell gift items for book-lovers and nostalgic candy and, to carry it all home, we offer a wide selection of fun and unique tote bags. With 18 miles of new, used and rare books, and the largest art book department in the world, the Strand has something for everyone and for every budget — books range in price from $.48 to $45,000.

Tattered Cover Book Store, Denver, Co. Neil Strandberg, Manager of Operations

Maintaining a viable independent bookstore has been hard work for a long period of time, in Denver starting in the early 1990’s with the expansion of brick-and-mortar Barnes & Noble and Borders in the metro area, followed closely by the success of Amazon.com.

A crude stability was reached by about 2000, but I’d say that the recession of 2001 again destabilized us and now, when we are not having to accept that an even deeper recessionary cycle is hobbling consumer spending, we are adapting to the fact that whatever “reading dollars” there are, are increasingly being used to obtain e-readers and e-books.

The work at Tattered Cover has been, then, to re-shape the business out of acknowledgment printed book sales will continue to decline for the foreseeable future. We are smaller, retail space-wise, than we were a few years ago and we will be smaller again, I wager, a few years hence.

Meanwhile we experiment with new product, inclusive of e-books via our partnership with Google, food, gifts and services to local authors.

I have every reason to believe that in ten years’ time there will be a retail setting that everyone recognizes as the logical descendent of today’s retail bookstores. The trick for all of us is to juggle declining printed book sales with new products and new services and the appropriate amount of real estate in the right location. Hardly an easy task but if the indie community has anything going for it, it is the fact that we are a feisty, determined, creative bunch that love what we do. Taking a cue from some of the technologies that been so disruptive, collectively the indie community is crowd-sourcing the sustainable bookstore-like thing of tomorrow. One of us is going to figure this out.

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Watch CBS News

Beyond Borders: How the Failed Bookstore Chain Hastened Its Demise

By Damon Brown

Updated on: July 19, 2011 / 9:53 AM EDT / MoneyWatch

The economic climate and the digital book push both hurt a company that was traditionally an also-ran next to Barnes & Noble (BKS). But Borders also made some bad management decisions that hastened the death. Here are the biggest errors in judgment:

The Kobo digital reader came too late: Did you even know Borders had an official e-reader? The Kobo is a solid device , but it came out in Spring 2010 -- years after the Amazon (AMZN) Kindle and a few weeks after the Apple (APPL) iPad. Talk about awful timing. Borders' one salvo against the increasingly digital book universe was about two years too late.

Borders hasn't said what will happen to Kobo since the small company behind it has been using Borders as its main outlet, but I suspect it won't be pretty. Perhaps a tech giant like Microsoft (MSFT) can acquire it and somehow turn it into an interesting third option next to the Kindle and iPad.

Bad leadership : Despite declaring Chapter 11, the chain still asked the bankruptcy court for more than $8 million to pay executive bonuses. According to my BNET colleague Lydia Dishman :

That includes $1.7 million to president Mike Edwards and a pay boost of between 90 and 150 percent of their base salaries for five other top execs... [W]ith Borders total debt tipping the scales at $1.29 billion -- owed mainly to Random House and Simon & Schuster (CBS) -- and with the planned closure of at least 200 stores, the whole program seems preposterous.

Lack of diversification: Finally, Borders failed because it had no other revenue other than physical books and periodicals. Consider the rivals:

Barnes & Noble: Sold one million Nook books on Christmas Day 2010.
Amazon: Once a traditional book retailer, now selling more Kindle books than physical books .
Apple: The iBookstore is yet to take off, but groundbreaking book experiences are happening on the App Store .

Photo courtesy of quinn.anya // CC 2.0 Related:

Borders in Bankruptcy, Shuts Down 200 Stores: What's Next
Why Borders' Call for Fat Executive Bonuses is Absurd
O Magazine App Shows Digital Magazines are the Next Bookstores
Will Barnes & Noble-Borders Merge?

More from CBS News

The Leading Source of Insights On Business Model Strategy & Tech Business Models

What happened to Borders?

Borders Group Inc. was a book and music retail chain founded by brothers Tom and Louis Borders in 1971. Acquired by Kmart in 1992, Borders was slow to react to the boom in eCommerce and it continued to open new stores with high overheads as Barnes & Noble developed an online presence and e-reader. It also sold books through the Amazon platform for seven years instead of developing its own site.

Table of Contents

Borders Group Inc. was a book and music retail chain founded by brothers Tom and Louis Borders in 1971.

From a single store in Ann Arbor, Michigan, Borders operated 1,249 stores at its peak in 2003 with a presence in the United Kingdom, Singapore, and Australia.

No more than eight years later, Borders filed for Chapter 11 bankruptcy protection and was unable to find a buyer. The last stores closed in September 2011 with rival Barnes & Noble acquiring Borders’ trademarks and customer list.

Borders was an early innovator in inventory management with passionate store managers who believed in book-selling. Its stores also had extensive selections with adequate browsing space, cafés, and community outreach programs.

So what went wrong? Many will assume Borders was just another victim of the Amazon juggernaut. But the story of Borders’ downfall starts much earlier and is more complex.

Kmart acquisition

Borders was acquired by Kmart in 1992 for $125 million, with the Borders brothers leaving the book business for good.

This is when the trouble started for the company. Kmart had purchased the mall-based book chain Waldenbooks eight years previous but was struggling to make it profitable. Essentially, Kmart hoped that Borders senior leadership could somehow turn Waldenbooks around.

Waldenbooks and Borders were not a good fit culturally or commercially, and many senior Borders staff resigned as a result. This further exposed Kmart, ill-equipped to deal with a division experiencing competitive pressure from Barnes & Noble and Crown Books.

Borders was eventually spun out in 1995 and renamed Borders Group.

Store merchandising

As the eCommerce movement gathered momentum, Borders Group continued to open new brick-and-mortar stores. The company also added CDs and DVDs to its stores just as iTunes and file-sharing networks became popular.

At the same time, Barnes & Noble began focusing on its online presence and developed an early e-reader called the Nook. The failure to develop an e-reader would prove to be a significant missed opportunity for Borders.

Amazon affiliation

Borders eventually started selling online by outsourcing its operations to Amazon. Essentially, visitors to the Borders website would be directed to the Amazon store.

As a seller of books itself, partnering with Amazon did not make sense financially. When customers were interviewed outside a West Virginia store, one reader admitted she browsed books in Borders stores and then ordered them straight from Amazon.

Too many stores and too much debt

Borders operated hundreds of stores at its peak but they were big and had high overhead costs. This left the company financially exposed at a time when consumers were moving online. Furthermore, an estimated 70% of all Borders stores were in direct competition with a Barnes & Noble outlet.

Debt was also a problem for Borders, with the company restructuring twice after the GFC to manage the $350 million it owed.

In its February 2011 bankruptcy filing, the company cited its expansion strategy as one of the key reasons for its demise.

Borders noted that many stores were simply unprofitable and that it had signed too many 15 to 20-year leases which made them difficult to sell.

Key takeaways:

Borders was an American book and music store chain founded in 1971 by brothers Tom and Louis Borders. After almost 40 years in business , Borders filed for bankruptcy in 2011.
Borders was acquired by Kmart in 1992 and joined Waldenbooks under the Kmart Umbrella. Borders executives were then instructed to resurrect Waldenbooks, but the two subsidiaries were not a good cultural or commercial fit.
Borders was slow to react to the boom in eCommerce. It continued to open new stores with high overheads as Barnes & Noble developed an online presence and e-reader. It also sold books through the Amazon platform for seven years instead of developing its own site.

Quick Timeline

Borders Group Inc. was a book and music retail chain founded in 1971 by Tom and Louis Borders.
It was acquired by Kmart in 1992, leading to cultural and commercial clashes with its subsidiary Waldenbooks.
Borders continued to open new brick-and-mortar stores and added CDs and DVDs as digital music and video distribution gained popularity.
The company failed to develop an e-reader, missing out on the growing e-reader market that Barnes & Noble tapped into with the Nook.
Borders partnered with Amazon to sell books online, which led to customers browsing in stores but purchasing from Amazon instead.
The company had too many large stores with high overhead costs, and around 70% of its stores were in direct competition with Barnes & Noble outlets.
Debt also became a problem for Borders, leading to two restructuring attempts after the Global Financial Crisis.
In 2011, Borders filed for Chapter 11 bankruptcy protection, citing its expansion strategy and unprofitable stores as key reasons for its downfall.

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Social Pro Daily

Did borders neglect to pay the 401k for its employees.

Do you remember last month when eBookNewser reported on Borders bouncing paychecks ? It looks like that wasn’t the only check Borders neglected to pay.

There’s a new discussion on the LiveJournal community IWorkAtBorders , and it was started by one user who reports that Borders isn’t paying his 401k account. Specifically, his most recent statement from Merrill Lynch shows that Merrill Lynch had to remove the payment for February. Apparently whatever electronic transfer Borders tried to send must have been declined by Borders’ bank.

And the odd part is that the waylaid funds were from the employee’s paycheck, not from Borders. If this report is true then Borders in effect robbed this employee.

Given that Borders messed up paychecks and a 401k payment, what do think are the odds that Borders also neglected to pass along the taxes and insurance deducted from employees’ paychecks? I think there’s a pretty good chance, myself.

Nate Hoffelder

What Went Wrong at Borders

The book-selling chain, once a retail juggernaut, is possibly facing bankruptcy. How did it get there?

fsse8info/flickr

Let me start with an unequivocal declaration: I hope Borders finds the means to avoid bankruptcy, or worse, liquidation. The immediate consequence of a Borders default on what it owes publishers would be a cash short-fall of millions of dollars. Even the most profitable publishers have limited leeway to deal with months of unpaid bills. The irony is that the surge in e-book sales across many platforms, the popularity of reading devices and tablets, some effective re-tooling at Barnes & Noble and the stronger independents, plus the continuing growth of Amazon actually have improved the overall outlook for the book business—which would take a considerable hit if the country's second-largest book chain goes under. Borders management is scrambling to get new financing and is soliciting publishers to accept bonds instead of payment. Will that strategy work? My guess is that most publishers want Borders to survive, and will find ways to keep it going at least for a while. But the longer term prospects for Borders—with 674 stores (many already scheduled to be closed)—remain, at best, a major challenge.

So what happened to Borders? An early innovator in controlling inventory, there was expert staff at its Ann Arbor headquarters and store managers who believed in the value of book-selling. At its peak, Borders superstores had all the attributes of good book-selling—extensive selections, browsing space, coffee bars, and outreach programs to surrounding communities. In 1998, Borders shares hit an all-time high of $41.75.

To understand Borders' decline, it is worth going back to its origins on State Street in Ann Arbor. The store was founded in the early 1970s by Tom and Louis Borders, University of Michigan graduates who developed an inventory tracking system that, by the standards of the time, was as sophisticated as computers allowed. When I came into publishing in the middle 1980s, I was impressed with the shrewd team of buyers who dealt with publishers' sales representatives and the store staff that made the most of the simple aluminum fixtures where books were displayed. The Borders brothers began licensing their inventory system and began to expand to locations in Michigan and around Philadelphia. I especially remember a night in 1992 at the height of the presidential primary season when a Borders events coordinator filled an auditorium in downtown Philadelphia by featuring political books I was publishing: a model for how a store could become a venue for public engagement and customer loyalty.

The Borders brothers decided not to stay in the book business, and in 1991 sold the small chain and inventory systems to Kmart for $125 million. In retrospect, that was when the trouble began. Kmart already owned Walden mall stores, which were an awkward commercial fit with the Borders culture. Kmart itself was at the start of a downward spiral, and in 1995 Borders was spun off in an IPO. For a time, the newly named Borders Group seemed to be working. Under the leadership of Leonard Riggio, Barnes & Noble was expanding also, and the competition between the chains seemed to create dynamic energy that benefited them both. The losers were the local independents who couldn't keep up with the marketing and promotional resources of these national corporations.

It was also in the mid 1990s that Amazon launched as an online book retailer and Borders made what, in retrospect, was a serious strategic mistake. Instead of beginning to develop its own initiatives on the incipient Internet (which Barnes & Noble did, with limited early impact), Borders went international, building a substantial chain in the United Kingdom and opening stores as far away as Singapore. This global expansion seems to have blurred the focus on Borders' business in the United States. Ultimately, the international strategy failed. Borders also was slower than it should have been in adapting new techniques for marketing. I was startled to find, on a visit to Borders in Madison, Wisconsin, in 2007, that the store still had no Internet access, instead channeling all communications through Ann Arbor. Working with Borders staff in an effort to introduce multi-platform (e-books and downloadable audio) into their planning, I spent hours in conference calls that went nowhere. Borders online sales were an affiliate of Amazon, which seemed pointless, given Amazon's own aggressive growth.

Meanwhile, the mall business was drying up, and Walden eventually all but disappeared. The role of the Ann Arbor-based experts in selection was gradually diminished. A series of expensive marketing roll-outs and loyalty programs never gained necessary traction. Most damaging was the management turnover, especially at high levels. CEOs and other executives flowed through the Ann Arbor offices, cutting staff, rounding up financing from private equity investors, and promising to catch up with the digital age. But Borders always seemed a step behind where they needed to be. Borders stores took on a generic quality as executives and investors lacked the knowledge and patience to address the chains' mounting problems. I'm sure there is more to this story (especially in the financial and real estate areas) than I know, but what really hurt Borders from the perspective of a book person like me was that the chain was no longer in the hands of true book retailers.

Len Riggio, Jeff Bezos of Amazon, and the successful independent proprietors, whatever their other business virtues and flaws, really have a deep attachment to books and the people who read them. But when Borders expanded, they brought in executives from supermarkets and department stores (all of whom insisted they were readers), and the result was a shuffle of titles and more downsizing against a backdrop of financial engineering, which only seemed to make matters worse. Ultimately, a successful bookstore, on any scale, depends on a specific understanding of how to make the most of the outpouring of books and the digital transformation that will attract readers. Whatever else Borders does in the months ahead, it needs to recover its belief that real book-selling is an art (with all the peculiarities that entails), as well as a viable business.

The Rise and Fall Gazette

Borders Book Shop: An Iconic Brand's Journey from Rise to Fall

With 8 lessons for today's retailers.

The Beginnings

In the realm of bookselling, Borders once held a special place in the hearts of book lovers everywhere. It was a cherished destination, known for its extensive book selection, cozy atmosphere, and inviting cafes. However, despite its initial triumph and widespread popularity, Borders eventually met an unfortunate end. This article aims to explore the factors that contributed to the fall of Borders bookstores, shedding light on the challenges presented by the digital age, mismanagement decisions, and shifting consumer preferences.

Borders Group, Inc., originally named Borders Book Shop , was founded in 1971 by brothers Tom and Louis Borders. The first store, located in Ann Arbor, Michigan , stood out from traditional bookstores of its time due to its focus on providing an extensive range of titles across various genres, friendly staff, and the innovative combination of a traditional bookstore with a cafe. This fresh approach resonated with readers, quickly catapulting the store's popularity.

Borders expanded rapidly, opening new locations across the United States. Its success stemmed from its unwavering commitment to customer service and pioneering approach to book retailing. The company introduced groundbreaking concepts such as the "inventory management system" which enabled efficient sales and inventory tracking.

In the 1990s, Borders ventured into e-commerce, launching an online platform known as Borders.com . This move not only expanded its reach but also appealed to tech-savvy customers. Additionally, strategic partnerships with music retailers and the establishment of the Borders Rewards loyalty program solidified Borders' position as a leading bookseller.

Thanks for reading The Rise and Fall Gazette! Subscribe for free to receive new posts and support my work.

Where it started to fall apart

Despite experiencing considerable success throughout the 1990s and early 2000s, Borders encountered a series of challenges and missteps that eventually contributed to its downfall. The rise of online retail giant Amazon and the increasing popularity of e-books posed significant obstacles for traditional bookstores like Borders. Initially, Borders relied on a partnership with Amazon for its online sales, but this decision proved to be a strategic blunder as it essentially empowered its biggest competitor.

Moreover, Borders struggled to adapt to the digital revolution, making slow progress in developing its own e-book platform. Unfortunately, this delay in entering the e-book market proved to be a costly mistake, as e-books gained traction and began dominating the publishing industry.

Financial difficulties also plagued Borders due to its ambitious expansion plans and the high costs associated with maintaining large physical stores. The company accumulated substantial debt, and its financial troubles were further exacerbated by the economic downturn in 2008.

In 2011, Borders filed for bankruptcy and announced the liquidation of its remaining stores. The closure of Borders evoked sadness among book lovers and industry insiders alike, signifying the end of an era in the bookselling landscape. Countless employees lost their jobs, and numerous communities bid farewell to a cherished gathering place.

The fall of Borders offers valuable lessons for traditional retailers grappling with the challenges posed by the digital age. It underscores the importance of embracing technological advancements, recognizing shifting consumer preferences, and maintaining a competitive edge. While Borders faltered in adapting to the changing industry dynamics, its legacy lives on, reminding the retail world of the profound lessons it imparted.

Lessons from the Rise and Fall of Borders Bookstores:

1. Adapt to the Digital Revolution: Borders' downfall can be attributed, in part, to its failure to effectively adapt to the digital revolution in the book industry. The rise of e-commerce and e-books disrupted the traditional bookstore model, and Borders' slow response to these changes proved detrimental. This serves as a reminder for businesses to stay abreast of technological advancements and be willing to adapt their strategies to meet evolving customer preferences.

2. Embrace Innovation: Borders initially stood out in the bookstore landscape by introducing innovative concepts, such as extensive genre selections and comfortable reading areas. However, the company's innovation eventually stagnated, particularly in the realm of digital offerings. It is crucial for businesses to continuously innovate and explore new avenues for growth to stay relevant in a rapidly changing market.

3. Nurture Customer Loyalty: Borders' introduction of the Borders Rewards loyalty program was a smart move, fostering customer loyalty and incentivizing repeat purchases. Building strong relationships with customers is vital for sustained success. Implementing loyalty programs, personalized experiences, and excellent customer service can help foster long-term loyalty and positive word-of-mouth.

4. Strategic Partnerships: Borders initially partnered with Amazon for its online sales, but this partnership ultimately backfired as it empowered its biggest competitor. This serves as a lesson for businesses to be cautious and strategic when entering partnerships. They should carefully consider the potential impact on their competitive positioning and future growth.

5. Manage Expansion Wisely: Borders' rapid expansion and the maintenance costs of large physical stores contributed to its financial woes. While growth is important, it must be balanced with financial prudence. Businesses should carefully manage their expansion plans, considering factors such as market demand, profitability, and financial sustainability.

6. Stay Agile and Responsive: Borders' downfall illustrates the importance of agility and responsiveness in a rapidly changing market. Companies must be willing to pivot their strategies, experiment with new approaches, and swiftly respond to emerging trends and customer demands. The ability to adapt and respond effectively can be a key differentiator in the face of evolving industry dynamics.

7. Focus on Financial Stability: Borders faced significant financial challenges, worsened by its debt and the economic downturn. Businesses should prioritize financial stability, maintain a healthy balance sheet, and exercise caution when taking on debt. It is crucial to have robust financial management practices and contingency plans to weather potential economic downturns or industry disruptions.

8. Preserve the In-Store Experience: Borders' physical stores were known for their inviting atmosphere and in-store cafes. While digital advancements are essential, preserving and enhancing the unique in-store experience can be a competitive advantage. Offering a welcoming and experiential environment that encourages customers to browse, linger, and engage with products can help differentiate brick-and-mortar retailers from their online counterparts.

In summary, the rise and fall of Borders Bookstores provide valuable lessons for businesses across industries. By embracing technological advancements, fostering customer loyalty, staying innovative, managing expansion wisely, and maintaining financial stability, companies can position themselves for long-term success in a rapidly changing market.

Ready for more?

Borders' rise and fall: a timeline of the bookstore chain's 40-year history

This timeline provides a historical perspective of the rise and fall of Ann Arbor-based Borders Group Inc. from its inception in 1971 to its liquidation announcement this afternoon. It is based on AnnArbor.com research, interviews, Securities and Exchange Commission documents, archived news reports and information from Borders.

1971 : Brothers Tom and Louis Borders open an 800-square-foot used bookstore called Borders Book Shop at 211 S. South State St . in Ann Arbor.

The first Borders store at 211 S. State, now the site of a CVS store under construction.

Ann Arbor District Library

1988 : In an effort to import business leadership, Borders recruits Robert DiRomualdo to lead the company's expansion. DiRomualdo is later credited with leading the company's rise to national prominence in the 1990s.

1991 : Borders starts integrating music and movies into some of its stores.

1992 : Kmart Corp., which bought Waldenbooks in 1984, acquires Borders and creates the Borders-Walden Group. At the time, Borders had 21 large stores and had valued itself at about $190 million, the New York Times reported at the time.

1994 : Borders' flagship store moves from 303 S. State to the ex-Jacobson's department store on East Liberty. The bookseller is the largest retailer in downtown Ann Arbor.

1995 : The book store chain, renamed Borders Group Inc., spins off from Kmart and goes public on the New York Stock Exchange (Ticker: BGP) under CEO Robert DiRomualdo. At the time, Borders' innovative inventory management system was considered " the envy of the industry ," as one publisher put it, and was a catalyst in the forthcoming boom in the company's superstore footprint.

1995 : The company's Waldenbooks division moves to Ann Arbor after receiving a $7.7 million tax credit from the Michigan Economic Development Corp.'s Michigan Economic Growth Authority board.

1995 : Borders headquarters moves to a renovated, abandoned downtown retail destination on Washington Street called Tally Hall. A few years later, the company moves to its current headquarters on Phoenix Drive on the city's south side.

Feb. 4, 1997 : Shares close at an all-time high of $44.88.

March 11, 1997 : Borders executes a 2-for-1 split on its stock.

January 1998 to January 1999 : Borders expands its store footprint by 25.5 percent, adding 52 superstores in the biggest one-year expansion in its history. By January 1999, the company has 256 superstores averaging $256 in sales per square foot.

May 1998 : Borders launches an online retail presence for the first time at Borders.com.

Nov. 12, 1998 : Philip Pfeffer is hired to replace DiRomualdo.

Greg Josefowicz was CEO of Borders Group from 1999 to 2006.

Photo courtesy of Borders

November 1999 : Greg Josefowicz becomes Borders permanent CEO. August 2001 : Borders contracts with online retailer Amazon to sell products online -- a relationship later blamed for making Borders late to the emerging web retail segment.

July 2004 : Borders buys United Kingdom-based Paperchase Products Ltd. The company also starts branding some Waldenbooks stores as Borders Express.

August 2004 : Borders signs deal with Starbucks Corp. to run Seattle’s Best Coffee cafe operations in its stores.

2005 : Borders posts its most recent annual profit: $101.0 million.

February 2006 : The company launches a loyalty program called Borders Rewards.

July 2006 : George Jones replaces Josefowicz, who had led Borders since November 1999. At the time, Borders had nearly 36,000 employees worldwide and more than 1,200 in Ann Arbor.

September 2007 : Borders sells its U.K. and Ireland subsidiaries.

September 2007 : Stock hits then-six-year-low $12.28 a share.

The Borders store on Lohr Road in Pittsfield Township was created as the chain's new "concept" store when it opened in 2008.

Lon Horwedel | AnnArbor.com

March 28, 2008 : Stock closes down 28.5 percent to $5.07 after Borders says it lost $157.4 million in 2007.

March 2008 : Borders puts itself up for sale and accepts $42.5 million loan from New York hedge fund Pershing Square Capital Management to boost financial position.

May 2008 : Severing ties with Amazon, the company launches a new Borders.com.

June 3, 2008 : Borders’ shrinking Ann Arbor personnel count hits 1,000 after 156 job cuts are announced as part of a $120 million cost-cutting plan . At this point, the company still has 30,000 employees overall.

June 10, 2008 : Borders sells off its business based in Australia, New Zealand and Singapore.

Former Borders Group CEO George Jones speaks to employees in February 2008. He was fired less than a year later.

File photo | AnnArbor.com

Jan. 5, 2009 : CEO George Jones is fired and replaced with Ron Marshall as global financial crisis raises questions about Borders' viability.

March 2009 : Borders cuts costs, conserves cash in effort to avoid bankruptcy in the aftermath of the financial crisis.

March 30, 2009 : Borders, despite posting a $187 million loss in 2008, gets some breathing room after receiving a one-year extension on a loan from Pershing Square Capital Management.

Nov. 5, 2009 : Borders announces plans to close 200 of its small stores and cut 1,500 jobs. By February 2011, the number of small-format stores is about 170, down from more than 1,100 in 1995.

November 2009 : Investors criticize Borders' sluggish approach to the emerging electronic books market.

Borders started selling the Kobo e-reader in its stores in summer 2010.

Jan. 18, 2010 : Executives say they're “ disappointed ” with 13.7 percent decline in holiday sales.

Jan. 26, 2010 : CEO Ron Marshall resigns to become CEO of the Great Atlantic & Pacific Tea Co., which files for bankruptcy later in the year after Marshall’s departure. Borders executive Mike Edwards is named interim CEO of Borders Group.

Jan. 28, 2010 : Layoffs hit 10 percent of the Ann Arbor corporate staff.

Feb. 3, 2010 : Hedge fund investor and Borders shareholder Bill Ackman says bankruptcy is unlikely .

March 31, 2010 : Borders pays off $42.5 million loan to Ackman, renegotiates credit agreement with lenders.

April 1, 2010 : Executives describe strategy of " transforming the Borders brand ."

May 21, 2010 : Tobacco executive and activist investor Bennett LeBow invests $25 million and is named chairman.

Borders liquidating

Borders plans to liquidate, ending 40-year-old bookstore chain
Column: Borders' expansion hastened its implosion
Borders' rise and fall: a timeline of the bookstore chain's 40-year history
What's next for downtown Ann Arbor Borders store after chain closes?
Downtown store closure also means a loss of arts and music venue
Expected closure of Borders superstore in Pittsfield Township leaves shopping center with vacancy
Disappearing act: Borders brothers nowhere to be found
Residents express disappointment and sense of inevitability at closing of flagship Borders store
Read Borders CEO Mike Edwards' letter to employees announcing liquidation
Media watch: What other news sites are reporting on the Borders liquidation
Share your memories of Borders' 40-year heritage in Ann Arbor

July 2010 : Borders launches e-book store, starts selling e-readers, sets strategy to get 17 percent market share in e-books within a year.

July 31, 2010 : Borders sells Paperchase unit for $31 million.

Aug. 11, 2010 : Borders lays off more Ann Arbor workers. About 600 workers left.

Sept. 1, 2010 : Borders posts $46.7 million loss in second quarter, eyes " non-book products " like games and toys.

Nov. 15, 2010 : Borders launches redesigned website.

Dec. 6, 2010 : Ackman says he’d be willing to finance a Borders bid to acquire Barnes & Noble and merge the retailers.

Dec. 9, 2010 : Borders posts $74.4 million loss for third quarter, acknowledges possible cash crunch in early 2011.

Dec. 30, 2010 : Borders confirms that it’s delaying payments to some publishers in hopes of reworking vendor financing arrangements.

Dec. 31, 2010 : Stock plunges 22 percent to $0.90 a share.

Early January 2011 : Publishers weigh whether to agree to short-term debt in exchange for giving up immediate cash payments for book shipments.

Jan. 6, 2011 : University of Michigan expert says Borders likely headed toward bankruptcy or merger.

Jan. 12, 2011 : Borders announces plans to cut 300-person Tennessee distribution center .

Jan. 17, 2011 : Borders lays off another 40 employees at its corporate headquarters, leaving about 550 workers there.

Jan. 24, 2011 : Company sells off Day By Day Calendar unit in bid to raise cash.

Jan. 27, 2011 : Borders announces tentative financing deal with GE Capital but acknowledges possibility of "in-court restructuring."

Jan. 30, 2011 : Borders announces decision to delay payments to more partners, including some landlords.

Feb. 1, 2011 : Reports indicate bankruptcy filing may come with weeks.

Feb. 3, 2011 : New York Stock Exchange warns Borders that its stock could face delisting if it doesn't rise above an average monthly price of $1 within six months.

Feb. 11, 2011 : Ackman acknowledges $125 million loss on Borders investment.

Feb. 16, 2011 : Borders files for Chapter 11 bankruptcy protection with plans to close 30 percent of its stores.

March 25, 2011 : Borders asks court to approve executive bonus plan contingent upon a successful exit from bankruptcy.

April 6, 2011 : Executives reveal plans to move Borders out of its corporate headquarters building on Phoenix Drive on Ann Arbor's south side, saying they would consider the metro Detroit region. Later, the company identifies the former Visteon Village complex in Van Buren Township as one possible destination.

April 22, 2011 : Judge approves bonus plan with several strings attached.

May 5, 2011 : In an interview , Borders CEO Mike Edwards says the company could emerge from bankruptcy by September if it gets support from publishers. He also says the company has fewer than 400 workers left at its headquarters.

May 19, 2011 : In a filing, Borders asks the court to approve the severance of its deal with Seattle's Best Coffee , a subsidiary of Starbucks Corp.

June 1, 2011 : A Los Angeles-based private equity firm named Gores Group , which is led by the brother of the billionaire who recently bought the Detroit Pistons, is reported to be considering an acquisition of Borders .

June 7, 2011 : Phoenix-based private equity firm Najafi Companies is reported to be considering a bid to buy Borders. Najafi owns Direct Brands , which operates the Book of the Month Club and the Doubleday Book Club .

June 30, 2011 : Najafi submits a tentative bid to buy Borders for $215.1 million in cash and the assumption of $220 million in liabilities. Borders asks the court to establish Najafi as the "stalking-horse bidder" and to approve a $6.45 million breakup fee for Najafi if Borders chooses another buyer against Najafi's will.

July 13, 2011 : A committee of unsecured creditors — namely, publishers that ship books to Borders — file an objection to the proposed sale, saying that nothing would prevent Najafi from liquidating Borders on its own and pocketing valuable intellectual property. The creditors said that if Borders was to be liquidated, it wanted the Borders-approved liquidators to handle the process.

July 13, 2011 : Najafi says it cannot proceed with an acquisition of Borders under the terms it previously laid out — a development believed to be related to the publishers' objection.

July 14, 2011 : A bid by a team of liquidators is established as the top bid in an auction tentatively scheduled to take place July 19. Without another bid, the company would have to start liquidation sales as soon as July 22.

July 17, 2011 : Deadline for bids passes without any new possible acquirers emerging.

July 18, 2011 : Borders announces plans to liquidate . Some 10,700 people will lose their jobs, including 400 in Ann Arbor.

Contact AnnArbor.com's Nathan Bomey at (734) 623-2587 or [email protected] . You can also follow him on Twitter or subscribe to AnnArbor.com's newsletters.

Tue, Jul 19, 2011 : 6:02 p.m.

A few more dates to bear in mind, when Border's downtown store added music in 1991, Schoolkids, SKR Classical and Discount Records each closed. Capitalism and legacy don't have a lot to do with each other. Pay attention to your customers and innovate or die. I do mourn the early days of Borders when I could walk into the computer book section on State St. and have the buyer steer me to just the book I needed. My career benefited markedly by that guidance. But its hard to pity serial bad management decisions and repeatedly turning their back on the roots.

Joe Bavonese

Tue, Jul 19, 2011 : 12:30 p.m.

I was disappointed that the original Borders store on State St was not given more space in this timeline. To those of us who remember it, it was like going to a shrine - the first bookstore where you could sit down, relax, not feel pressured - and measure your time in dollars per minute. It was a destination and part of what made the Ann Arbor book scene unique.

Tue, Jul 19, 2011 : 10:24 a.m.

This should be a warning to the bookstore business. Borders reckless expansion caused much of its problems, but online innovation could also be the next knockout blow. Barnes and Noble should be cautious in their approach. While they are much better managed than Borders and wisely did not purchase the latter company; they are not immune to the online onslaught.

Tue, Jul 19, 2011 : 12:10 a.m.

A couple of important milestones that would be interesting (and relevant) to include would be: Beginning sales of eReaders (such as Kindle) Arrival of Napster Launch of iPod and iTunes Launch of Netflix Launch of Amazon All of those events helped to act as killer technologies for all of Borders sales channels.

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From Local, to Global, to Gone: On the Rise and Fall of Borders Books

Tom borders reflects on lessons learned in the world of bookselling.

The following essay by Tom Borders is excerpted from Among Friends: An Illustrated Oral History of American Book Publishing & Bookselling in the 20th Century , edited by Buz Teacher and Janet Bukovinsky Teacher (Two Trees Press).

In 1970, Louis Borders was working in a bookstore in Boston while attending M.I.T. He suggested two start-up business ideas to his older brother, Tom, who had taught English in a small college and was on a sabbatical trying to write the Great American Novel. Tom dismissed Louis’s scheme to computerize the Daily Racing Form’s statistics so they could make an easy living playing the horses. Louis suggested their next best opportunity was to open a small used bookshop in Boston.

During the time they were drawing up business plans for the bookstore, a neighbor in Louis’s apartment building on Boylston Street was burglarized in the middle of the night. The brothers decided Boston was too fast for them—they needed a more manageable city for their little enterprise. Louisville, Kentucky, their hometown, was out of the question because they had never seen much of a bookstore there. Both had degrees from the University of Michigan, and loved the smart, hip, intellectual atmosphere of Ann Arbor.

After discussing the enterprise name for many long weeks, they decided to launch “Borders Book Shop” on a very modest scale, quietly and out of the limelight, in Ann Arbor. No employees. Not a corporate venture. Barely a business. They would keep it very simple. Originally, they thought they would both work half-time and have time to read and write, and become intellectuals.

That same week, Tom and Louis heard about a major estate auction to be held in Boston, with thousands of books as part of the sale. They planned to commit a good part of their capital, up to $3,000, to buy inventory there. At the auction house they spent hours going through the marvelous collection of a man who had been in the Massachusetts Senate in the early 1900s and whose estate had been in litigation for years: hundreds of leather bindings, fine illustrated editions, but best of all a well curated reader’s library.

On auction day, the last items to be sold from the massive estate were the books. The auctioneer apologized because the original intent had been to divide the books into a dozen smaller lots, but since time was so short “we will auction the books in a single lot. Do I have an opening bid of $3,000 dollars?” A dozen people raised their hands including the nonplussed brothers.

Deflated, the Borders’ bookshop fantasy had seemingly vanished. After the auction they met the renowned antiquarian dealer Richard Mills, who had purchased the books for $8,000. A Harvard graduate and World War II Navy submarine vet, he lived in Exeter, New Hampshire. Mills had a photographic memory; he was a true genius and a gentle soul. Somewhat unkempt, he had a bottle of Maalox leaning out of his wrinkled sport coat pocket. Tom asked him if he needed help moving the books, and was hired. Without much further discussion, Richard Mills walked out of the auction house with a small box of rare pamphlets under his arm. The pamphlets were worth the price of the entire lot.

Tom rented a truck and moved the books to Exeter, lured by the excitement of the antiquarian business. Richard Mills’ house was his warehouse, showroom and office. His kitchen table was his service counter and conference table. One day, Tom picked up a collection of about 100 antique duck decoys, which Mr. Mills sold in the next few days to other dealers. Another day, Mr. Mills sold the antique desk in his living room for $16,000.

Later, an 18th-century house full of antiques and collectables came to market. Tom followed Mr. Mills as he strolled through the house, opening a drawer here and there, looking closely at a map. After about 45 minutes of looking through a dozen rooms of antiques, three appraisers quizzed Mr. Mills about the value of the items in the estate. At one point, talking about a mahogany desk where he had opened a drawer during his stroll, Mr. Mills told the appraisers “that is not an antique but a very nicely done 1950’s fake.” All three wrote that in their notes.

After six weeks, Tom had finished sorting and cataloging the books. He was stunned when Mr. Mills gave the Borders brothers his entire garage full of books—a truck load of very good reading copies. They drove their precious first inventory to Ann Arbor, laughing at their good fortune and babbling about their future plans. That day Mr. Mills helped launch Borders Book Shop. It would have been wonderful if he could have lived long enough to see their bookstore ten years later.

In Ann Arbor, they leased part of the second floor of a retail building at 211 South State Street in the campus commercial district near the University of Michigan’s main quad. The former residence had been converted to commercial use. On the same floor were Suwanee Spring Leather Shop, where Tom bought a pair of handmade sandals, and Herb David’s Guitar Studio. Louis and Tom were shaggy-haired hippies who fit right in to the Ann Arbor scene in the early 1970’s. They built bookcases and display tables in the space for a month. They opened their second floor used bookstore in February, 1971, with the books from Mr. Mills and others that they had accumulated. It was tiny—two small rooms with a half bath. Hot tea was made every morning for the customers. The final floor plan included a service counter with the commode tucked behind it. The store had to close for a while if the commode was needed.

Since few customers came into that second-floor space, the brothers had time to learn and love the antiquarian book business in the coming months. Several collectors found them and the books from Mr. Mills’ garage quickly went to new homes in Ann Arbor. Nevertheless, Rookie Mistake #1: they realized that, with their wives in school, two families could not make a living from such a small, off-the-beaten-track, second-floor retail space. They realized that the store could never be very exciting given the space limitations.

Six months later, Tom and Louis moved to a first-floor location on Williams Street: 800 square feet. The additional space was an improvement, but it wasn’t a good location for retailing. They wanted more. They moved for the third time in two years to a prime location at 316 South State St. where Wahr’s University Bookstore had been located “since 1892.” That building was three times larger with a full basement for storage and overstock and an office on the second floor. Neither Tom nor Louis were morning people, but their first employee, Doris Becker, was and she opened the store most mornings. Doris was motherly and very protective of the boys.

Rookie Mistake #2: they ordered some new books and mixed them with used books on the same shelves. Customers were confused, not knowing if a slightly worn new book was “used,” or if a gently used book was “new.”

Rookie Mistake #3: They finally understood that Ann Arbor was a readers’ town and that antiquarian books were of marginal interest to the local avid readers. All the used books were culled from the shelves. After surviving three moves in two years, Borders Book Shop was in a good location with enough space to make a splash, and selling the kind of books people wanted. Their ambitions were rekindled.

That year, Joe Gable, fresh from Madison, Wisconsin, swaggered into Borders Book Shop. During a stand-up job interview in front of the fiction section Tom asked him “What do you know about books?” Sounding a bit like Marlon Brando, looking straight into Tom’s eyes, Joe said humbly: “I know more about books than anyone in this store.” Tom was momentarily stunned by the hubris of the comment. But he took the insult like a man, and after a few pointed questions, he hired Joe on the spot. In fact, Joe did know more about books than anyone in the store. And he proved it over the next quarter century.

The auto industry and the Michigan economy were tanking badly in one of their periodic nose dives in 1974. Several commercial stores were vacant in the campus area. In that down economy, the Borders brothers were able to secure a very favorable lease for a large prime space at 303 S. State Street where Wagner Men’s Clothing had recently closed—10,000 square feet on two levels with an escalator and a full basement!! All new inventory would be ordered for the new store. In preparation for the move, Tom started organizing a clearance sale of everything in the old space.

Louis was mumbling something about “developing a system”—he took several yellow legal pads and went to the basement. Tom was immersed in running a frantic three-month long clearance sale to generate the cash needed for the move; he tried to get Louis to leave the basement to help on the busy sales floor. Louis refused—he was working on designing a “system” for inventory. Glancing at the legal pad, Tom scoffed at a 6-page list which included RANC, RANP, RANM. Tom admits that he did not understand the scope and importance of the momentous project Louis was undertaking. In the next months, Louis designed what was one of the first and likely the best computer system for a retail bookstore in the country. To get the computer system written, tested and running, computer time was rented at night on an IBM System 3 computer in the portable trailer of a massive auto junk yard, with howling guard dogs. The junk yard’s system kept track of auto parts (mostly still on the cars); the Borders’ system would keep track of books.

The store’s book buyers ordered an ambitious selection of books for the 10,000 square foot store. It was a chaotic time, with a clearance sale to the bones going on in the old store while Rudy Fink and his carpentry crew built and varnished solid hardwood bookshelves in the new space. All the while Louis and his buyers were placing huge orders, and he was frantically trying to get the computer system ready to receive a tsunami of books. Occasionally they needed to phone Rudy to get him out of bed in the mornings to manage his bookcase-making crew. In a panic, they hustled to open the store in November, 1974, a few days before Thanksgiving. Two days later, it snowed eight inches which virtually shut down retailing in Ann Arbor. Cash was very tight and Tom was often on the phone with publishers wanting payment.

What seemed like a disaster was averted when, during a booming December, their dream came true—they had a vibrant, exciting bookstore. Joe Gable trained and managed a young, smart staff to provide a specific “Borders Brand” of service: never pushy, cool, friendly, casual, bright. Joe’s crew knew their books, the customers quickly came to rely on the staff and everyone enjoyed the interaction.

They were in their fourth location in three years!! When space became available in an adjacent building, the new space was absorbed. Book titles were added to improve every category throughout the store. They created new categories: Women’s Studies, Gay Studies, and Ecology. Every time they improved a book subject area, such as linguistics, sales in all subjects tended to increase: a customer comes in because she heard about an exceptional selection of linguistic books and she buys a science fiction novel as well. Customers were voracious, and most had never seen such a collection of books. The number of titles in the store increased towards 150,000.

Borders was then larger than most bookstores in the country. Though the brothers had not planned a superstore, their original tiny second floor space had grown in size by a factor of 50, and the quality of the store (selection and service) had increased proportionately. Though a well-run, small, quaint bookstore could still find a place, the high-traffic, high-volume Borders Book Shop in Ann Arbor with its vast selection helped redefine what a bookstore could be in the United States. By adding to the store space piecemeal, the brothers had drifted into the “superstore” concept quite by accident. Mathematically, the formula they discovered was astounding (and over simplified): as their bookstore became larger with better selection, it drew from a larger radius, and it became more exciting, and the sales per square foot increased!

Rookie Mistake #4: Louis and Tom realized that operating a full-blown computer system and employing the specialized subject book buyers and programmers required to maintain a built-from-scratch, one-of-a-kind, stand-alone, sophisticated buying system for over 150,000 book titles was not affordable for a single bookstore. So, in 1976 they started a new company called Book Inventory Systems. The Borders brothers helped individuals open their own stores using their own store name in their own cities and supplied them with a central buying and consolidated shipping. With two shipments a week from Book Inventory’s central warehouse in Ann Arbor, those independent stores often became the best bookstore in their market. Within a few years, in addition the Borders Bookshop in Ann Arbor, Book Inventory System had helped locate, design, and supply stores in East Lansing, Kalamazoo, Toledo, Louisville, Lexington, Cincinnati, Nashville, Memphis, Grand Rapids, Cleveland, and Lexington.

The second Borders Book Shop opened in Birmingham, Michigan in 1985. Joe Gable’s brother, Tim, moved from Montana to Michigan to manage the Birmingham store. Tim, like Joe, was a natural in a bookstore. Borders Book Shop in Birmingham was an instantaneous cultural center in that remarkably literary Detroit suburb. The level and sophistication of sales in the store were a tribute to the affluent community and its education level and value systems. Within two years, sales caught up with the 14-year-old Ann Arbor store. Traveling publishers’ sales reps remarked that both Borders stores were certainly among the top 10 bookstores in the country.

In keeping with Ann Arbor’s egalitarian environment, the Borders brothers installed a company-wide profit-sharing system. While modest at first, good years yielded significant additional pay for the young staff at the stores, which also helped create an esprit de corps, and a sense that this team was doing something important and different.

As they developed the inventory control and distribution systems further, their goal was to have all stores on the system be the best bookstore in their respective markets: best in selection and in service. Inspired by a seminar given by Edward Deming, they strove for continuous improvement.

Potential staff in the stores were given a test to assess their literary acumen, to find out if a potential staff member was a “book person” who could help customers and who could contribute to the delicate literary atmosphere. If he didn’t know who Norman Mailer, Frank Lloyd Wright, Julia Child, and Andy Warhol were, should he be working in a bookstore? The staff needed to be well read, communicative, and bright. They needed to offer a high level of service to the customers to compliment the complicated selection of books, without showing too much ego. Often the staff were specialists in certain subjects, such as art, science, literature, or history, allowing them to be more helpful to the customer. Those specialized staffs brought more to the table than typical retail clerks: they were smart, eager to learn and eager to share their knowledge. Furthermore, they helped the buyers improve the selections by adding titles for the system to their assigned subject area. A good bookstore is a glorious business with terrific people.

Borders Book Shops and its affiliated stores were well stocked and well-staffed, and created a refreshing, almost intellectual atmosphere—like a library but with classical music playing in the background, and with the stimulating excitement of discovering and buying a stack of books. The newer stores had coffee shops, and sold CDs and DVDs as an integral part of a very energetic environment.

Book buyers extraordinaire Phyllis Lambert and Robin Wagner, each ran Book Inventory System as interim president for several years. In 1988, Robert DiRomualdo, an Air Force veteran with a degree from Harvard and a strong marketing background, joined Borders as its first outside CEO. DiRomualdo brought enormous energy to the company, and under his leadership, store openings increased rapidly.

In 1992, after 21 years in the business, the Borders Brothers sold Borders Book Shops and Book Inventory Systems, Inc. At that time, the central buying and distribution system supplied about 20 Borders Book Shops and a dozen affiliated independent stores. They sold the businesses to K-Mart, which owned the Waldenbooks chain of bookstores, most located in enclosed malls. Waldenbooks was an asset on Kmart’s books, but was not sexy or profitable. K-Mart was looking for a way to dress up and bundle the Waldenbooks operation to make it saleable.

Borders Book Shops and Waldenbooks were quickly spun off as a single public company on the New York Stock Exchange as “Borders Group Inc.” (BGP) in 1995, with Goldman Sachs as the lead banker. It is curious and significant that combining 1,000 Waldenbooks with a handful of Borders Book Shops and Book Inventory Systems into a public company would be called “Borders Group, Inc.”

At the time they sold, the company had developed a powerful inventory and distribution system, highly effective in allowing the stores to carry more titles and to replenish them more efficiently than most other stores. The “system” had some early characteristics of artificial intelligence to help the book buyers manage the periodic replenishment of the thousands of titles in inventory.

When it became a public company, Borders Group, Inc. continued to be led by Bob DiRomualdo. The Borders brothers were not on the board and had no further input into the operations of the company. Bob had stimulated and managed much of the growth from 1988 to the time of the sale. He retired in 1998 and a bizarre succession of CEOs took over to head up Borders Group, Inc: Phil Pfeffer (1 year); Greg Josefowicz (7 years); Ray Marshall (1 year); Mike Edwards (1 year), and Bennett LeBow (1 year).

In 2011, nineteen years after the Borders brothers sold the business and sixteen years after becoming a public company, Borders Group Inc. filed for bankruptcy. All of the stores were closed. Thousands of booksellers lost their jobs. It was a very sad day in America when over 1,000 bookstores, each a mini-cultural center, a source of wisdom and good, healthy information and entertainment, shuttered their doors. And the closings felt like a kick in the stomach to the brothers.

There are many theories about what went wrong. But a series of non-Rookie Mistakes occurred: a far too rapid expansion in United States (40+ superstores were opened in 1998 alone, the year DiRomualdo left the company); a confusing international expansion (London, Singapore, New Zealand, Australia) and lack of control of the supply chain; changing leadership too often as each new CEO jerked the fast changing company in a different direction; poor financing machinations; poor real estate decisions; lack of understanding of the delicate nature and required quality of a great bookstore: the company forgot that selling books is not the same as selling sausage or socks.

At its peak, Borders Book Shop was a beautiful exhibition of the great freedoms Americans enjoy, with a broad selection of American publishers’ offerings, without a single government comment. It was also a bold experience in aggressive capitalism mixed with a strong dose of intellectual endeavor to create a unique setting for the American public.

Though gone, Borders Book Shops are still remembered by some. Their absence has left a hole in the fabric of society in many American cities.

__________________________________

This is one of more than 100 essays by prominent industry figures in Among Friends: An Illustrated Oral History of American Book Publishing & Bookselling in the 20th Century , edited by Buz Teacher and Janet Bukovinsky Teacher (Two Trees Press). Illustrated with vint age book jackets and period graphics from Publishers Weekly, Among Friends is a deluxe limited edition that pays homage to the creative and entrepreneurial spirit of the book business during a time of great change in American culture.

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Borders Group, Inc.

Borders Group, Inc. is the nation's second largest retailer of books, music, and other educational, informational, and entertainment products. Its Waldenbooks bookstores were in over 1,000 mall stores by 1995. Furthermore, it owned the rapidly expanding Borders Books & Music superstores and Planet Music stores. Throughout the country, the Borders name is associated with superstores catering to book and music lovers, with a wide selection of hard-to-find titles and tapes as well as a growing number of varied forms of electronic media. These superstores, which numbered 116 in early 1996, provided customers with plentiful sitting and browsing areas, a well-versed customer service team, and even espresso bars featuring live entertainment.

Borders Group, Inc. came into existence following the spin off from its parent Kmart Corporation in May 1995. But the Borders name dates back over two decades. Borders began as a single used bookstore in Ann Arbor, Michigan. The shop was founded by Louis and Tom Borders in 1971. Serving the bustling academic community of the University of Michigan and Ann Arbor's smaller colleges, the store held its own and became a popular neighborhood hangout. Within the next several years, the Borders brothers opened two more bookstores in Michigan, one in Atlanta, and another in Indianapolis. In addition, Louis and Tom started a wholesaling business they called BIS (Book Inventory Systems), which experienced healthy growth.

Toying with the idea of a "superstore," the brothers opened their first prototype in 1985. Its success and the rise of similar competing stores set the retail book industry on its ear, shifting sales away from mall-based stores and into busy suburban areas (the areas that the Borders' bookstores had always targeted). By 1988, with their five Midwest bookstores and BIS's bustling service numbering 14 bookstore clients, the brothers' enterprise was bringing in a net income of $1.9 million from sales of $32.3 million. But the brothers wanted to expand in a big way.

To achieve their dream of taking the Borders name national, Louis and Tom put their faith in a young man named Robert DiRomualdo, a graduate of the Drexel Institute of Technology with a Harvard MBA. DiRomualdo had worked his way through several merchandising and marketing positions at Acme Markets and Little General Stores before becoming president and chief executive of Hickory Farms, the prominent food shop chain.

When DiRomualdo joined the Borders brothers' enterprise in 1988, the industry was ripe for the kind of expansion Louis and Tom had hoped for. The late 1980s and early 1990s were a time of unprecedented growth for book retailers, as industry sales mushroomed from $59 million in sales for the top two superstore chains with only 31 units in 1989, to nearly $1.4 billion by 1994 from 350 units; an astounding 87 percent compound annual rate. Taking advantage of these circumstances, DiRomualdo, who was named president and chief executive in 1989, opened 14 new stores in the next three years. Within a few short years DiRomualdo had turned Borders into a household name in the Midwest, and analysts considered Borders the premier book superstore chain of the 1990s.

By 1992, Borders had quadrupled its size and was beginning the complicated process of going public. Around the same time, the retailer attracted the attention of the huge Kmart Corporation, which had bought Waldenbooks in 1984 and was looking to expand its book retailing segment even further. In October of 1992, Louis and Tom Borders sold their business (though they remained investors), and Borders became a wholly owned subsidiary of Kmart. Sales from Borders' operations for 1993 reached $224.8 million, a 15.8 percent increase in net sales over the previous year. Several changes were implemented in 1993, including modernized cash registers, a human resources department, formal training programs for employees, and the introduction of music to the stores' stock.

In August 1994, Borders and sibling Waldenbooks formed a new company called Borders Group, Inc., with plans to eventually break free from Kmart. DiRomualdo joined with George Mrkonic, who ran Kmart's specialty stores division for four years (which included Builders Square, The Sports Authority, Pay Less Drug Stores, Waldenbooks, Borders, Kmart's in-store Reader's Market shops and others) and had jumped over to the Group in November. He had helped shape the company into a mechanized book and music mecca. By the end of the year Borders had acquired five CD Superstores and one Planet Music outlet. The company went on to add four Planet stores and 32 new Borders superstores.

The Group's overall sales for the year reached $1.5 billion. With what some analysts have called the industry's most sophisticated computer inventory management and sales system, Borders not only possessed the highest sales-per-foot ratio in the industry, but was able to track popular titles by selling season. Borders had identified as many as 55 separately defined seasonal patterns and programmed these into the computer system to keep better track of seasonal and regular bestselling titles, and to help maintain a supply of such titles with little or no interruption in prospective sales.

Though Kmart's ownership of Borders (and Waldenbooks) was to end with the formation of the Borders Group, Inc., finances were settled with the proceeds of a public offering of the new company's stock in May 1995. Two months later, Borders announced it would purchase Kmart's 13 percent stock share. DiRomualdo was installed as chairman and chief executive, while Mrkonic became vice-chairman and president. After a one-time write-off of $182 million, the Borders Group announced second quarter (1994) sales of nearly $364 million, representing an 11.7 percent gain over the previous year's posted sales of $327 million.

Though Borders' transition from small retailer to national chain wasn't completely smooth, many long-time employees remained with the company and were rewarded for their loyalty by generous benefits worked out during the Kmart acquisition. One sore point arose in 1994 with the proposed closure of Louis and Tom's original Borders store in Ann Arbor, set for relocation into an old department store building. Not only was the new store slated to be a Borders Books & Music (the previous was books-only), but its spacious 45,000-square foot interior (four times the size of the original) could in no way maintain the homey atmosphere of the first Borders book shop, despite the added benefits of much more space and extras like the popular new espresso bars.

Nevertheless, Borders new format was obviously giving customers what they wanted and needed. In addition to its unique, state-of-the-art inventory and ordering system, Borders' employee base was another of its major boons; most employees were full-time and college-educated, and all were tested for their knowledge of literature and music prior to hiring. Additionally, the bookstore chain prided itself on first-rate customer service, offering patrons a wide range of services from locating out-of-print titles to community activities like children's storytelling hours and poetry readings.

Rounding out Borders' offerings were growing varieties of alternative educational and informational media, from videos to CD-ROMs, a relaxing and comfortable environment which encouraged customers to linger, and the ubiquitous espresso bars. An industry-first that was quickly copied by competitors, Borders' espresso bars grew from a store add-on and overhead cost to a $20 million per year venture. 82 of the company's 88 superstores had espresso bars in 1995, and all new stores were scheduled to have them.

The Borders superstore prototype in 1996 was 30,000 square feet of space, substantially larger than major competitor Barnes & Noble's megastore. Averaging 128,000 book titles and about 57,000 prerecorded music titles at an initial cost of $2.6 million, most Borders superstores became profitable within 12 months of business. Since the majority of Borders' superstores were built following the early 1990s, the company's success by 1996 had been swift and immediate.

Revenue figures for year-end 1995 were just shy of $1.6 billion for the Borders Group as a whole, with Borders Books & Music stores contributing over $622.6 million (a 63.4 percent increase over 1994's sales). The superstores contributed a healthy 39.6 percent slice of the Group's overall sales, a welcome and expected 12.2 percent increase from their share in 1994. Analysts predicted 1996 sales to reach more than $2 billion, with Borders' superstores division hitting $950 million.

Second only to Barnes & Noble in sales, Borders' superstores were chosen over Barnes' by analysts as having a better variety of products, and most expected the bookseller to overtake its rival in the near future. Additionally, Borders planned to take advantage of Waldenbooks' status as a cash cow to finance expansion across the nation. Scheduled to open between 30 and 35 new Borders superstores in 1996 and to continue the trend (from 35 to 40 new superstores per year) until the end of the 1990s, Borders hoped to not only prove its mettle but to become the country's top book-retailing chain.

Principal Subsidiaries: Borders Inc.; Waldenbooks; Planet Music, Inc.

Source: International Directory of Company Histories , Vol. 15. St. James Press, 1996.

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Borders Group History–The Creation of a Bookstore Chain

Brentano's, Walden and Borders - The Beginnings of the Borders Group

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The Borders Group, Inc. was a publicly held bookstore chain that closed its doors in September 2011. After Barnes & Noble, it was the second-largest bricks-and-mortar US bookstore chain, known for the innovation of creating the first superstore. The group included Borders superstores, Waldenbooks, Borders Express and Borders airport stores. Where many booksellers—even other publicly-held bookstore chains—are closely identified with one owner, the Borders Group came together through corporate acquisitions.

Brentano's, Walden, and Borders

The Borders Group owes its history to several separate chains—Borders, Waldenbooks, and Brentano's. Brentano's was the longest-lived of the three bookstore chains that eventually made up the Borders Group. The original Brentano's store was founded in 1853 in New York City, by August Brentano, a newspaperman. The second oldest of the three, Waldenbooks, was founded by Lawrence Hoyt, a rental library entrepreneur. Hoyt opened the first Walden Book Store in 1962 in Pittsburgh, Pennsylvania; he named the bookstore for Henry David Thoreau's "Walden."

Over the years they were in business, Brentano's and Waldenbooks expanded their establishments into multiple-bookstore chains. In 1984, Kmart purchased Waldenbooks; Waldenbooks then purchased Brentano's. Brothers Tom and Louis Borders opened their first bookstore in Ann Arbor in 1971, while they were students at the University of Michigan (Ann Arbor continued to be Borders Group's headquarters).

The Borders brothers opened additional stores in Michigan, Atlanta, and Indianapolis, and developed a sophisticated system that enabled them to track bookstore sales and inventory. In addition to using it in their bookstores, they sold their Book Inventory Systems (BIS) to other booksellers, as well. In 1985, they opened their first "superstore," a large-scale bookstore (with a coffee bar) that was to become the prototype of many that came afterward. In 1988, they hired Robert DiRomualdo, a Harvard MBA with retail experience, to help expand the business. Under his leadership, the Borders bookstore chain grew rapidly in the next four years.

Kmart, Then Borders IPO

In 1992, with the bookstore business booming, Kmart purchased Borders and created the Borders-Walden Group. But book profits proved not to be as robust as anticipated and Kmart was having its retail troubles so, in 1995, they divested themselves of the chain of bookstores, spinning off the Borders Group with an initial public offering.

The Borders Group expanded internationally beginning with a store in Singapore 1997, then opening more than 40 stores in Europe, Asia, and Australia/New Zealand and buying a 35-store chain called, appropriately, Books.

Online Bookselling Threatens Borders Business Model

As it became clear that online book retailing, begun by Amazon.com , was rapidly and dramatically changing the bookselling business, Borders created their online presence. But after their initial e-retail efforts resulted in short-term losses for investors, in what was in retrospect a short-sighted move, Borders scrapped its website. Due to less-than-expected profits overall, some of the bookseller's private equity investors agitated about poor decisions and poor management and in 2001 DiRomualdo was replaced as CEO.

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Fact Sheets

Fact Sheet: Presidential Proclamation to Suspend and Limit Entry and Joint DHS-DOJ Interim Final Rule to Restrict Asylum During High Encounters at the Southern Border

Today, the Biden-Harris Administration took decisive new action to strengthen border security, announcing a series of measures that restrict asylum eligibility, and significantly increase the consequences for those who enter without authorization across the southern border. These extraordinary steps, which will be in effect during times when high levels of encounters exceed our ability to deliver timely consequences, will make noncitizens who enter across the southern border ineligible for asylum with certain exceptions, raise the standard that is used to screen for certain protection claims, and speed up our ability to quickly remove those who do not qualify for protection.

These actions follow a series of steps that the Administration has taken over the past three years as it prepared for the end of the Title 42 public health Order, and since it was lifted last year, including surging personnel, infrastructure, and technology to the border, issuing the Circumvention of Lawful Pathways Rule, and referring record numbers of noncitizens into expedited removal. Over the past year, we have removed or returned more than three quarters of a million people, more than in any fiscal year since 2010. Despite these efforts, our outdated and broken immigration and asylum system, coupled with a lack of sufficient funding, make it impossible to quickly impose consequences on all noncitizens who cross irregularly and without a legal basis to remain in the United States.

The Administration has repeatedly called on Congress to provide the resources and legal authorities needed to secure our border. The measures announced today will better enable the Department to quickly remove individuals without a legal basis to remain in the United States, strengthening enforcement and change the calculus for those considering crossing our border irregularly. However, they are no substitute for Congressional action. We continue to call on Congress to provide the new tools and resources we have asked for to support the men and women on the frontlines.

President Biden issued a Presidential Proclamation to temporarily suspend the entry of noncitizens across the southern border. The Secretary of Homeland Security and the Attorney General also jointly issued an interim final rule that, consistent with the Proclamation, generally restricts asylum eligibility for those who irregularly enter across the southern border – including the Southwest land and the southern coastal borders. The rule also limits fear screenings to those who manifest a fear or express a desire to file for protection and heightens the screening standard for statutory withholding and claims under the Convention Against Torture. Taken together, these measures will significantly increase the speed and scope of consequences for those who cross our borders irregularly or who attempt to present themselves at Ports of Entry without authorization, allowing the Departments to more quickly remove individuals who do not establish a legal basis to remain in the United States. The restriction on asylum eligibility will be discontinued when encounters fall below certain levels but will come back into effect if encounters rise again.

The rule makes three key changes to current processing under Title 8 immigration authorities during periods of high border encounters:

First, noncitizens who cross the southern border unlawfully or without authorization will generally be ineligible for asylum, absent exceptionally compelling circumstances and unless they are excepted by the Proclamation.
Second, noncitizens who cross the southern border and are processed for expedited removal while the limitation is in effect will only be referred for a credible fear screening with an Asylum Officer if they manifest or express a fear of return to their country or country of removal, a fear of persecution or torture, or an intention to apply for asylum.  
Third, the U.S. will continue to adhere to its international obligations and commitments by screening individuals who manifest a fear as noted above and do not qualify for an exception to the Rule for withholding of removal and Convention Against Torture protections at a reasonable probability of persecution or torture standard – a new, substantially higher standard than is currently applied under the Circumvention of Lawful Pathways rule.

Like the Proclamation, the rule provides for an end to these enhanced measures following a sustained reduction in southern border encounters. Specifically, these measures are in effect until 14 calendar days after there has been a 7-consecutive-calendar-day average of less than 1,500 encounters between the ports of entry. The measures would again go into effect, or continue, as appropriate, when there has been a 7-consecutive-calendar-day average of 2,500 encounters or more.

During periods of high encounters, the Proclamation will apply across the southern border. Lawful permanent residents, unaccompanied children, victims of a severe form of trafficking, and other noncitizens with a valid visa or other lawful permission to enter the United States are excepted from the Proclamation.

In addition, the suspension and limitation on entry and rule will not apply to noncitizens who use a Secretary-approved process—such as the CBP One mobile app—to enter the United States at a port of entry in a safe and orderly manner or pursue another lawful pathway.

Noncitizens who cross the southern border and who are not excepted from the Proclamation will be ineligible for asylum unless exceptionally compelling circumstances exist, including if the noncitizen demonstrates that they or a member of their family with whom they are traveling:

faced an acute medical emergency;
faced an imminent and extreme threat to life or safety, such as an imminent threat of rape, kidnapping, torture, or murder; or
satisfied the definition of “victim of a severe form of trafficking in persons” currently provided in 8 CFR 214.11.

Consequences

Noncitizens who are subject to the rule’s limitation on asylum eligibility and who manifest or express a fear of return to their country or country of removal, express a fear of persecution or torture or an intention to apply for asylum, but do not establish a reasonable probability of persecution or torture in the country of removal will be promptly removed.

Those ordered removed will be subject to at least a five-year bar to reentry and potential criminal prosecution.

The Proclamation and rule will significantly enhance the security of our border by increasing the Departments’ ability to impose swift consequences for individuals who cross the southern border irregularly and do not establish a legal basis to remain in the United States. Together, the Proclamation and rule make critical changes to how the Departments operate during times when encounters are at historically high levels—levels that, in the absence of these changes, undermine the government’s ability to process individuals through the expedited removal process. These changes will enable the Departments to quickly return those without a lawful basis to stay in the United States and thereby free up the asylum system for those with legitimate claims.

These extraordinary measures are a stop gap. Even with these measures in place, the Departments continue to lack the authorities and resources needed to adequately support the men and women on the frontlines. The Administration again calls on Congress to take up and pass the bipartisan reforms proposed in the Senate, which provide the new authorities, personnel, and resources that are needed to address the historic global migration that is impacting countries throughout the world, including our own. Until Congress does its part, we will continue to take any actions needed under current law and within existing resources to secure the border.

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Canadian border agents may strike Friday. Here's what it means for travel and the supply chain

Canadian border agents are preparing to strike Friday — potentially creating travel disruptions for nearly 400,000 people who cross the U.S.-Canada border every day — unless its government can agree to a new labor agreement.

The Public Service Alliance of Canada and the Customs and Immigration Union — the two unions representing Canada Border Services Agency employees — gave the country's Treasury Board until 4 p.m. ET to come to terms at the bargaining table. And if a new contract isn't reached by then, more than 9,000 CBSA employees will take part in the nationwide job action.

"We are still hopeful that we can reach an agreement to avoid strike action and any potential delays at Canada's borders," said Sharon DeSousa, PSAC national president. "But the clock is ticking for Trudeau's Liberal government to get to work on a fair contract for our members."

Border agents pushing for the new agreement have been without a contract for more than two years, PSAC said. The union said they're now seeking a bump in pay to align their wages with that of the country's other law enforcement agencies, as well as remote work or telework options, improved retirement benefits and stronger workplace protections.

"Our members have overwhelmingly told us they are prepared to fight for fair wages, equitable retirement and to make CBSA a better place to work," said Mark Weber, CIU national president. "It's time for the government to step up for CBSA employees."

In May, PSAC members voted 96% in favor of a strike mandate, with mediation sessions beginning June 3. The union said that if a strike were to occur, more than 90% of front-line border officers, who are considered essential workers, would still provide basic services. But that still leaves the threat of slowed traffic through the country's national entry points.

In 2021, a work-to-rule action — a form of protest in which employees perform the minimum amount of work their contracts require in order to slow production — caused major delays at airports and the nation's borders until the government and border unions came to an agreement after 36 hours of mediation.

Health Care

Florida can import cheaper prescription drugs from Canada, FDA says

A strike is also disruptive to the supply chain between the U.S. and Canada. The partners traded $3.6 billion worth of goods and services across the border each day in 2023, Canada reports, and Bureau of Transportation Statistics data says trucks carried 55% of freight between the two countries in 2022.

On Tuesday, the Canadian Trucking Alliance urged border employee unions and the federal government to come to an agreement to protect the country's trade investment and partnership with the U.S., particularly as it's already facing potential disruptions because of railway labor negotiations and "ongoing volatility" throughout the trucking sector due to significant retirements and "loss of labor/capital productivity because of federal legislation governing sick days."

"These are undoubtedly complex and challenging decisions to make, but the Government of Canada must lead in making those decisions decisively with the principle to prevent economic chaos from threatening Canada's supply chains and economic viability," CTA said.

The Treasury Board of Canada said Wednesday the current threat of another strike undermines the bargaining efforts and is disruptive to the services the country's residents expect while traveling across the border.

"Negotiation is a process of give and take. The government is prepared to make concessions, but there needs to be movement on both sides," the Board said. "We are disappointed that PSAC has threatened labor disruptions when we are ready and willing to negotiate and reach a fair agreement through good faith bargaining."

In the event of a strike Friday, the Mohawk Council of Akwesasne said that the CBSA had informed the council that the domestic lane will still remain open from 7 a.m. to 11 p.m. daily, with Cornwall Port of Entry officials assuring that travelers will be able to cross safely and as quickly as possible.

Still, the council warned that increased wait times are likely to occur along with picketing and "wearing of union-related accessories." The CBSA said it will address any delays quickly and will update travelers on its website .

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In This Experimental Grief Novel, You Choose Your Own Adventure

Gabriel Smith’s shape-shifting debut, “Brat,” cycles through a multiverse of strange possibilities.

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The novel’s cover shows a deer gazing out from the middle of a road at night. The title fonts are turquoise.

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Matt Bell is the author, most recently, of “Appleseed” and “Refuse to Be Done: How to Write and Rewrite a Novel in Three Drafts.”

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BRAT, by Gabriel Smith

In the wake of his father’s death and his mother’s move to a nursing facility, a 20-something British novelist named Gabriel (not to be confused with the 20-something British novelist Gabriel Smith, whose debut, “Brat,” he inhabits) returns home. Ostensibly, he’s there to prepare his parents’ estate for sale, but he’s also hiding out from a multitude of problems. For starters, despite receiving a sizable advance for his second book, Gabriel hasn’t written a word yet.

Then, during his inebriated explorations of the house, he discovers that its structure is collapsing in some places, molding in others. His girlfriend leaves him. He meets a pair of odd teenagers at a nearby shop, and invites them over for an evening of underage drinking, plus marijuana and Xanax. Mild shenanigans ensue. Meanwhile, there may be someone watching Gabriel; if there is, that person is wearing a deer costume.

If all that wasn’t enough, Gabriel’s skin has also begun coming off, flapping free in vividly rendered body-horror scenes. (This unexplained molting is, according to a running joke, definitely not eczema.) Soon Gabriel begins to nonchalantly pick at the edges of himself: “I just kept pulling, until it had come away from all my fingers and shifting hand veins. The skin came away in a single piece. It didn’t hurt. I looked at it. It looked like a glove of myself.”

Much of the actual text of “Brat” consists of stories-within-the-story, some presented in part, others in full. In his mother’s study, Gabriel finds a novel where a woman with her same name dies in a car accident; in his father’s, there’s a script about friends who gather weekly to watch an old recorded sitcom episode, documenting the changes that appear with each new viewing. Then there are the two stories by Gabriel’s ex-girlfriend, Kei, one of which follows a Russian oligarch whose kink is masturbating on the faces of famous paintings. The other story is about love.

Often these manuscripts mimic or rhyme or foreshadow or recall events from Gabriel’s lived experience. But what do these coincidences mean? No one in “Brat” seems to care that much, and maybe that’s not the story these characters want to tell. Instead of resolving his novel’s many mysteries, Smith explores how this family navigates the disputed borders of its shared memories, pondering what it means to choose one story over another — as well as the consequences of refusing to choose, especially in the wake of grief.

“When someone dies,” says Gabriel’s grandmother, “it becomes a competition to be in charge of the history of that person. People want their memory to be the real one. … But history is the opposite of memory. Each time you remember you rewrite.”

In “Brat , ” to tell a story is to shape existence. In Gabriel’s father’s script, two characters conclude that every narrative choice creates a branching reality. One says, “There’s a universe where I kiss you right now. I could choose to live in that universe.” And then he does. Elsewhere, Gabriel’s brother, impatient with his sibling’s flailing grief, tells him, “Don’t make me choose. … Because I will look after my family.” That’s his reality. But isn’t there another reality where the brother chooses Gabriel instead, and in doing so destroys his marriage? Isn’t there a third one where some other choice saves everyone?

The hopeful finale Smith chooses for “Brat” is probably as revealing of his own worldview as it is of his namesake character. Not every narrative thread is resolved as cleanly as Gabriel’s is, or even tied up at all, but that’s OK too. Perhaps those endings can only be found in another novel, or another world.

BRAT | By Gabriel Smith | Penguin Press | 320 pp. | $28

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New Orleans is a thriving hub for festivals, music and Creole cuisine. The novelist Maurice Carlos Ruffin shared books that capture the city’s many cultural influences .

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Words by the Water book festival returns to Keswick for the first time since Covid

Thursday 6 June 2024 at 2:00pm

ITV Border's Katie Templeton-Knight went to meet some of the people organising and attending the festival

A literary festival has returned to the Lake District for the first time since Covid.

Words by the Water is hosted by Theatre on the Lake and first started 23 years ago.

After being cancelled due to the pandemic and the cost of living crisis, the festival will return to Keswick for the first time since 2019.

The festival will run from Wednesday 5 June to Sunday 9th June 2024 and will include a range of events including workshops and theatre performances.

Author, Marie-Elsa Bragg, who is co-president of the festival with her father Lord Bragg, said that she was glad to see the festival return to Keswick.

She said: "We don't really write in isolation, so it's really important for us to be able to come and talk to the people we write for and listen to other authors."

Festival director Leah Varnell welcomed the partnership with local bookshop Bookends.

She said: "We've really missed putting on events like this with the pandemic and then the cost of living crisis.

"Everything in the arts generally has just been so squeezed.

"We’re really delighted to be working with Bookends in partnership at the local bookshop to bring back such an enormous event."

The event attracts visitors from near and far.

Janet Denny, travelled from Sussex and said: "My friend and I are both published authors but we're here now to listen to other authors, gain ideas and enjoy the fellowship that we find at this event every year.

"We're so pleased it's back."

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Measure Date Value ; 2011: BORDERS GROUP, INC. SAVINGS PLAN 2011 401k membership; Total participants, beginning-of-year: 2011-01-01: 14,425: Total number of active participants reported on line 7a of the Form 5500
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Arts Jul 21, 2011 3:10 PM EDT. This week, major international bookseller Borders announced it would liquidate its inventory and shutter its stores. More than 10,000 workers are expected to be laid ...
Barnes & Noble Welcomes Borders® Bookstore Customers
Onyx Storm (Deluxe Limited Edition) by Rebecca Yarros. QUICK ADD. The Bone Hacker (Temperance Brennan Series #22) by Kathy Reichs. QUICK ADD. The War on Warriors: Behind the Betrayal of the Men Who Keep Us Free. by Pete Hegseth. Barnes & Noble® welcomes Borders®, Waldenbooks® and their customers to discover their next great read at Barnes ...
Waldenbooks
Waldenbooks was an American shopping mall -based bookstore chain operated by the Walden Book Company, Inc., and from 1995 was a subsidiary of Borders Group. The chain also ran a video game and software chain under the name Waldensoftware, as well as a children's educational toy chain under Walden Kids. In 2011, the chain was liquidated in ...
Beyond Borders: How the Failed Bookstore Chain Hastened Its Demise
The economic climate and the digital book push both hurt a company that was traditionally an also-ran next to Barnes & Noble (BKS). But Borders also made some bad management decisions that ...
Borders Group
Borders Group, Inc. (former NYSE ticker symbol BGP) was an American multinational book and music retailer based in Ann Arbor, Michigan, United States.In its final year, the company employed about 19,500 people throughout the U.S., primarily in its Borders and Waldenbooks stores.. At the beginning of 2010, the company operated 511 Borders superstores in the United States. The company also ...
What happened to Borders?
Borders was an American book and music store chain founded in 1971 by brothers Tom and Louis Borders. After almost 40 years in business, Borders filed for bankruptcy in 2011.Borders was acquired by Kmart in 1992 and joined Waldenbooks under the Kmart Umbrella. Borders executives were then instructed to resurrect Waldenbooks, but the two subsidiaries were not a good cultural or commercial fit.
Did Borders Neglect to Pay The 401k for its Employees?
Given that Borders messed up paychecks and a 401k payment, what do think are the odds that Borders also neglected to pass along the taxes and insurance deducted from employees' paychecks? I ...
What Went Wrong at Borders
The Borders brothers decided not to stay in the book business, and in 1991 sold the small chain and inventory systems to Kmart for $125 million. In retrospect, that was when the trouble began.
Borders Book Shop: An Iconic Brand's Journey from Rise to Fall
Borders Group, Inc., originally named Borders Book Shop, was founded in 1971 by brothers Tom and Louis Borders. The first store, located in Ann Arbor, Michigan , stood out from traditional bookstores of its time due to its focus on providing an extensive range of titles across various genres, friendly staff, and the innovative combination of a ...
Borders' rise and fall: a timeline of the bookstore chain's 40-year history
Feb. 4, 1997: Shares close at an all-time high of $44.88. March 11, 1997: Borders executes a 2-for-1 split on its stock. January 1998 to January 1999: Borders expands its store footprint by 25.5 percent, adding 52 superstores in the biggest one-year expansion in its history. By January 1999, the company has 256 superstores averaging $256 in ...
From Local, to Global, to Gone: On the Rise and Fall of Borders Books
The following essay by Tom Borders is excerpted from Among Friends: An Illustrated Oral History of American Book Publishing & Bookselling in the 20th Century, edited by Buz Teacher and Janet Bukovinsky Teacher (Two Trees Press).Article continues below * In 1970, Louis Borders was working in a bookstore in Boston while attending M.I.T. He suggested two start-up business […]
Borders Books Fights For Survival : NPR
Borders and Barnes and Noble, Amazon's biggest brick and mortar competitors, have taken starkly different paths to retain market share in the face of Amazon's Kindle e-book dominance ...
Borders Closing Its Bookstores After 40 Years : NPR
Borders is closing after failing to find a buyer that wants to run the bookstore chain. The bankrupt firm will be liquidated. ... So after 40 years in the book business, Borders is calling it quits.
Timeline: A short history of Borders Group bookstores
Here are some key dates in Borders' history: 1971: Tom and Louis Border found Borders Book Shop in Ann Arbor, Michigan. 1992: Kmart buys Borders, then a Michigan-based chain of 21 book superstores ...
Borders Group, Inc. -- Company History
Statistics: Public Company Incorporated: 1971 as Borders Books Employees: 10,000 Sales: $1.74 billion (1995) Stock Exchanges: New York SICs: 5735 Recorded & Prerecorded Tape Stores; 5942 Book Stores Company History: Borders Group, Inc. is the nation's second largest retailer of books, music, and other educational, informational, and entertainment products.
Inside the final days of Borders' bankruptcy
A sinking ship. Founded in 1971, Borders grew from its Midwestern roots into a popular national bookstore chain after being bought for $190 million in 1992 by Kmart. Several years later, Kmart ...
401(k) Plans, Retirement Planning, Books
by Michael Watkins. Paperback $14.95. QUICK ADD. Smart Guide to Maximizing Your…. by Barbara Hetzer. #22 in Series. Paperback $27.00. Explore our list of 401 (k) Plans Books at Barnes & Noble®. Get your order fast and stress free with free curbside pickup.
Borders Group History-The Creation of a Bookstore Chain
The Borders Group, Inc. was a publicly held bookstore chain that closed its doors in September 2011. After Barnes & Noble, it was the second-largest bricks-and-mortar US bookstore chain, known for the innovation of creating the first superstore. The group included Borders superstores, Waldenbooks, Borders Express and Borders airport stores.
Timeline: A short history of Borders Group bookstores
Here are some key dates in Borders' history: 1971: Tom and Louis Border found Borders Book Shop in Ann Arbor, Michigan. 1992: Kmart buys Borders, then a Michigan-based chain of 21 book superstores ...
The most recommended 401k books (picked by 9 authors)
Meet our 9 experts. James W. Russell Author. Steven Sloman Author. Andrew S. Trees Author. Yoav Blum Author. Paul Grimes Author. Eric Tyson Author. +3. 9 authors created a book list connected to 401k, and here are their favorite 401k books.
New 401k Averages Book: Advisor Pay Data, Broader Recordkeeping Insight
The book includes 24 sections with charts detailing average 401(k) fees for plans with 10, 25, 50, 100, 200, 500, 1,000 and 2,000 participants. Published since 1995, Valletta says the 401k Averages Book is the only resource book available for non-biased, comparative 401(k) average cost information.
Fact Sheet: Presidential Proclamation to Suspend and Limit Entry and
Second, noncitizens who cross the southern border and are processed for expedited removal while the limitation is in effect will only be referred for a credible fear screening with an Asylum Officer if they manifest or express a fear of return to their country or country of removal, a fear of persecution or torture, or an intention to apply for ...
Canadian border agents may strike Friday. What it means for travel
Canadian border agents are preparing to strike Friday — potentially creating travel disruptions for nearly 400,000 people who cross the U.S.-Canada border every day — unless its government can agree to a new labor agreement.. The Public Service Alliance of Canada and the Customs and Immigration Union — the two unions representing Canada Border Services Agency employees — gave the ...
Book Review: 'Brat,' by Gabriel Smith
BRAT, by Gabriel Smith. In the wake of his father's death and his mother's move to a nursing facility, a 20-something British novelist named Gabriel (not to be confused with the 20-something ...
In 'Malas,' Marcela Fuentes honors misunderstood women in Texas border
In 'Malas,' Marcela Fuentes honors misunderstood women in Texas border towns : NPR's Book of the Day Marcela Fuentes' debut novel, Malas, is set in a small town nestled on the border between Texas ...
Words by the Water book festival returns to Keswick for the ...
Literature. Keswick. Thursday 6 June 2024, 2:00pm. ITV Border's Katie Templeton-Knight went to meet some of the people organising and attending the festival. A literary festival has returned to ...