From the Feb. 17th USA Today.
I must admit that I wasn't happy at all that they closed my local Borders store in McHenry, Illinois down. Last day was April 16th. That day, I also cancelled my Borders e-mail alerts as it is not likely I'll drive the thirty miles to Crystal Lake or Gurnee. Besides, like I said, I am not a happy camper about the whole thing.
Hopefully Barnes & Noble will take over the old store.
One bright spot; it will save me money.
HISTORY OF BORDERS
The chain grew from an independent book store in Ann Arbor, Michigan, (yucks, UM) in 1971. (I was a sophomore at NIU and junior at UGA then.) It took its name from original owners, Tom and Louis Borders. It started to grow when they started using computers to help adjust inventories to their customers' tastes.
In 1991, the brothers sold the company to Kmart for $125 million. Kmart also owned Walden Books (I remember those bookstores from malls). Barnes & Nobles were expanding while Borders was trying to merge with Walden.
Kmart sold Borders in 1995 and the company couldn't keep pace with B&N. Then discount chains like Wal-Mart cut in, then the massive Amazon.
Another problem was three CEOs in three years. Back in February, Borders filed for bankruptcy protection and announced that 200 of its 488 stores were closing.
Let's Hope This Doesn't Lead to the Overall Demise of Bookstores. I've Already Lost Most of My Mom and Pop Record Stores. --Cooter
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