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Not sure if this has been addressed elsewhere or not, but Border's Bookstores (and Waldenbooks, their subsidiary) is closing up for good. Even though I normally shop at Barnes and Noble, it's sad to see it go; one less place in the world to buy books.
As a result, all of their stock is 20% - 40% off right now. I'm sure that prices will drop further as the end date gets closer, but so will the selection. I stopped by yesterday and was amazed at how packed was the store. I chatted with an older lady in line (which was quite long) and we commented that for all the talk about how people don't read anymore, there were certainly a bunch of people out to buy books! I bought a replacement hardcover of a book which I had loaned out, cost me around $25 when it first came out, I got it for $3.20 yesterday. Could be a good time to stock up on some books, maybe even do some Christmas shopping and save some money. I plan to go back on Monday and do a little more shopping.
I believe I read that they are closing around 400 stores and their warehouses and headquarters. I know that I usually see around 10 people working there at a time, figure there are another 10 not working at any given time.... that's 8000 people out of work, just from the store level. Probably another fifty senior managers, maybe another 200 at headquarters, not sure about the warehouses, delivery drivers, the staff of any Waldenbooks still in existence (can't recall the last time I saw one of those) . . . I'd say we're looking at easily another 10,000 people in this country without jobs. That doesn't even include the incidental job loss of distributors who won't need as many employees, malls that ill have huge empty stores they can't afford so they will fire suppport staff.... This is going to be another hit to the economy.
As a result, all of their stock is 20% - 40% off right now. I'm sure that prices will drop further as the end date gets closer, but so will the selection. I stopped by yesterday and was amazed at how packed was the store. I chatted with an older lady in line (which was quite long) and we commented that for all the talk about how people don't read anymore, there were certainly a bunch of people out to buy books! I bought a replacement hardcover of a book which I had loaned out, cost me around $25 when it first came out, I got it for $3.20 yesterday. Could be a good time to stock up on some books, maybe even do some Christmas shopping and save some money. I plan to go back on Monday and do a little more shopping.
I believe I read that they are closing around 400 stores and their warehouses and headquarters. I know that I usually see around 10 people working there at a time, figure there are another 10 not working at any given time.... that's 8000 people out of work, just from the store level. Probably another fifty senior managers, maybe another 200 at headquarters, not sure about the warehouses, delivery drivers, the staff of any Waldenbooks still in existence (can't recall the last time I saw one of those) . . . I'd say we're looking at easily another 10,000 people in this country without jobs. That doesn't even include the incidental job loss of distributors who won't need as many employees, malls that ill have huge empty stores they can't afford so they will fire suppport staff.... This is going to be another hit to the economy.
Sad , but one of many that is on the horizon…Since the influx of 401 K money into businesses I believe there has been an artificial growth that otherwise would not be in existence. If not for the 401 K plan the majority of people would have never invested in stocks which have artificially inflated all of these businesses. If a retail business grows at 10% by building new store’s, then their stock grows and they can build more stores, a growth that is not supported by actual consumption but by investment for stock growth and income for the CFO and board members. I am sure that is just the beginning of future empty stores..
