6 April 11 | Chad W. Post

I resisted commenting on the $8.3 million of insane bonuses Borders is offering its top execs, but now that Borders has reached a new low and are having a meeting with skeptical publishers this morning to try and convince them that their reorg plan is viable, I think it’s time to really diss on this debacle.

According to PW:

Publishers are unhappy over the size of the executive bonuses, worried about Borders’ plans for returns, and annoyed that the chain appears to have overstated how well they are doing by combining going-out-of business sales with sales from ongoing stores. None of the major publishers has yet to resume shipping to the chain on normal terms, although a number are shipping the chain on a cash basis. Borders is eager to return doing business on regular terms.

The details of the reorganization plan are confidential, but according to the Wall Street Journal, part of the reorganization will include a move out of Ann Arbor and greater reliance on e-book sales.

First off, the bonus thing is bullshit and smacks of all the b-school rhetoric about compensation incentives. “Get us out of Chapter 11 and we’ll make you RICH!” Since 1999, no book person has been CEO at Borders. Instead, they started raiding Jewel-Osco for execs with grocery store experience. Which worked out . . . well, what’s the antonym of “awesome”?

But now, somehow, someway, I feel sure that Borders will work its way out of bankruptcy, pay off these newcomers, and then go totally bust 6 months after they flee.

It’s not that I’m entirely cynical about corporations (yes I am. Especially after this), but look at the two named points of their strategy:

1) Get out of Ann Arbor;

2) Greater reliance on e-book sales.

Forget about the fact that, in some way, Borders morally owes Ann Arbor, but in what part of America will they find a more affordable place to have their headquarters? Downsizing is one thing, moving when you have no money just seems sort of dumb.

And e-books?!?!??!? When was the last time you even noticed that Borders has a website? Yep, never. Well, they do. And you can even buy a Motorola Xoom from there. And some affordable e-books that you can read on your Kobo. I feel like an ass kicking a chain that I used to work for1, but if Borders has even 0.001% of the ebook market, I’ll be amazed.

(Really doesn’t help that they have to post this on the ebook page: “If you have any concerns about Borders’ recent changes, please be assured that your eBook Library is perfectly safe. Access and add to it freely..” Also funny that the Borders ebook software has been “liked” by 2,740 people on Facebook. Open Letter is “liked” by 2,248.)

Anyway . . . yes, focus on that. By the time Borders is shipping back trainloads of unsold merchandise after finally running itself totally into the ground I’m sure they can get their market share up to 0.01%.

The upside of all this is that the indie stores I’ve been talking to seem to all be having up years . . . Especially those located near soon-to-close Borders Stores. I suspected that a majority of Borders shoppers (something about using the words “majority” and “Borders shoppers” in a sentence feels wrong) would have turned to ordering online, but it’s reassuring to see that there are still a lot of people out there who want to visit a physical bookstore. It’s a great opportunity to indies to show a new group of consumers all the benefits they add to a community.

UPDATE: As I was finishing this up, I came across this piece on a new part of the “Teacher Appreciation Days” at Borders:

It’s an expansion on the BORDERSGET PUBLISHED program that Borders runs in cooperation with BookBrewer, a self publishing service. For a measly $75 a teacher can sell their eBook through the Borders eBook store as well as other major eBook retailers, and receive a complimentary paperback version of their book.

I’m thinking that Borders is SO focused on e-books and potential e-book revenue that they’re totally unaware of the outside world. I’ll let MediaBistro take it away and deliver the parting shot:

Note: aside from the complementary paperback, this deal can be found anywhere for free. Teachers can publish through Amazon, Smashwords, B&N, or Kobo at no cost to themselves. You really need to ask if the $75 fee is worth it.

On a related note, Borders seems to have gotten a little scatter-brained since the bankrupotcy. The press release mentions two e-reader that Borders no longer sells. One is the original Kobo, which was discontinued months ago.

Yes, I’m sure this reorganization will go smoothly . . .

1 Schuler Books & Music, which used to have one of the greatest staffs and fiction sections in all the U.S., is technically Borders Store #04. We used the Borders POS and Inventory system, Borders sent us stock that we would always have to supplement/replace with “real” books, etc. I’m thinking that this arrangement is going to have to change, since Schuler has been expanding, whereas . . .


Comments are disabled for this article.
....
One of Us Is Sleeping
One of Us Is Sleeping by Josefine Klougart
Reviewed by Jeremy Garber

We know so very little; so little that what we think to be knowledge is hardly worth reckoning with at all; instead we ought to settle for being pleasantly surprised if, on the edge of things, against all expectations, our. . .

Read More >

Bye Bye Blondie
Bye Bye Blondie by Virginie Despentes
Reviewed by Emma Ramadan

Many of Virginie Despentes’s books revolve around the same central idea: “To be born a woman [is] the worst fate in practically every society.” But this message is nearly always packaged in easy-to-read books that fill you with the pleasure. . .

Read More >

La Superba
La Superba by Ilja Leonard Pfeijffer
Reviewed by Anna Alden

Ilja Leonard Pfeijffer’s La Superba is appropriately titled after the Italian city of Genoa, where, after escaping the pressures of fame in his own country, the semi-autobiographical narrator finds himself cataloguing the experiences of its mesmerizing inhabitants with the intention. . .

Read More >

Intervenir/Intervene
Intervenir/Intervene by Dolores Dorantes; Rodrigo Flores Sánchez
Reviewed by Vincent Francone

It took reading 44 pages of Intervenir/Intervene before I began to get a sense of what Dolores Dorantes and Rodrigo Flores Sánchez were up to. Recurring throughout these 44 pages—throughout the entire book—are shovels, shovel smacks to the face, lobelias—aha!. . .

Read More >

All Days Are Night
All Days Are Night by Peter Stamm
Reviewed by Lori Feathers

As presaged by its title, contradiction is the theme of Peter Stamm’s novel, All Days Are Night. Gillian, a well-known television personality, remains unknowable to herself. And Hubert, a frustrated artist and Gillian’s lover, creates art through the process of. . .

Read More >

The Seven Good Years
The Seven Good Years by Etgar Keret
Reviewed by Vincent Francone

It’s a rare and wonderful book that begins and ends with violence and humor. At the start of Etgar Keret’s The Seven Good Years, Keret is in a hospital waiting for the birth of his first child while nurses, in. . .

Read More >

Human Acts
Human Acts by Han Kang
Reviewed by J.C. Sutcliffe

Last year, Han Kang’s The Vegetarian was an unexpected critical hit. Now, it’s just been published in the U.S. and has already received a great deal of positive critical attention. The Vegetarian was a bold book to attempt as an. . .

Read More >

Nowhere to Be Found
Nowhere to Be Found by Bae Suah
Reviewed by Pierce Alquist

It’s been almost a year since the publication of Nowhere to Be Found by Bae Suah, but despite being included on the 2015 PEN Translation award longlist, and some pretty vocal support from key indie presses, the book has. . .

Read More >

La paz de los vencidos
La paz de los vencidos by Jorge Eduardo Benavides
Reviewed by Brendan Riley

Jorge Eduardo Benavides’ novel La paz de los vencidos (The Peace of the Defeated) takes the form of a diary written by a nameless Peruvian thirty-something intellectual slumming it in Santa Cruz de Tenerife in Spain’s Canary Islands. Recently relocated. . .

Read More >

Souffles-Anfas: A Critical Anthology
Souffles-Anfas: A Critical Anthology by Various
Reviewed by Emma Ramadan

Anyone with any interest at all in contemporary Moroccan writing must start with Souffles. A cultural and political journal, Souffles (the French word for “breaths”) was founded in 1966 by Abdellatif Laâbi and Mostafa Nissabouri. Run by a group of. . .

Read More >

The next few events from our Translation Events Calendar: See More Events >