Borders, the second-largest US bookstore chain, recently filed for bankruptcy protection. Years of sharp sales declines made it impossible for them to manage their crushing debt load, and they plan to close nearly 1/3rd of their stores.
One of the casualties is the Borders in Uptown Chicago. Check out the sign in their window:
Bitter much? It’s ironic, because when Borders and B&N first came on the scene, they put most of the local mom-and-pop bookstores out of business. They just said, “Hey, we have a better business model. It’s not our fault that the local stores can’t really compete.”
Now Borders gets a taste of their own medicine. “Innovate or Die”. Borders chose the latter.