Accelerated evolution in the book business
The company reported a net loss of $74.4 million for the quarter ended Oct. 30 and has had financial losses every quarter for the last three years. Borders' chief bricks-and-mortar rival, Barnes & Noble, also has been struggling financially.
"The superstores were viewed by the independent bookstores as dinosaurs that came to kill them — and they did," said Al Greco, a book-publishing expert and professor of marketing at Fordham University's Graduate School of Business Administration. "Today, it looks like the big bang has hit and now the dinosaurs are in peril."