Forum - View topicNEWS: Wall Street Journal: Borders Plans to File Chapter 11
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Thunderbird-
 Posts: 60 |
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So, is this like what happened to ADV? Is this a good thing compared to them dieing?
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kusanagi-sama
 Posts: 1723 Location: Wichita Falls, TX |
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Chapter 11 = restructuring debt, company continues with less debt, sometimes no debt.
Chapter 7 = liquidation, meaning company is no more, other companies buy the leftovers. |
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dragonrider_cody
Posts: 2541 |
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No, not alike at all. ADV never filed for bankruptcy. They used a code in Texas law to basically split up the company and restructure it. They never really went out of business. Only the names changed. This could be a good thing for Borders, but it will ultimately depend on a number of factors. If they can get financing while in bankruptcy and can restructure their debt, they may emerge in better shape. However, if they can't get their creditors to agree to new terms, or if those creditors don't believe Borders has any future, it could quickly turn into Chapter 7 and the company would be liquidated (think Circuit City.) |
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Kit-Tsukasa
Posts: 930 |
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Though their two new "spin-offs" Section23 and Sentai never confirmed whether or not they still held the licenses to various titles that ADV had owned. I know a few were rescued by Funimation but what about the rest? Anyways, Borders filing Chapter 11 is not surprising. They've really been going under for the past few years, especially with online retail being a more optimal choice now. Most people now just go to the library or bookstores like Borders and Barnes&Noble to read/preview the book and if they like it enough, they'll shop online at Amazon where it is often cheaper by fair amount even with shipping |
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Jaymie
Posts: 915 |
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It's just a sign of the times. It's sad that this is happening to Borders, but there's no point in having physical book stores when everyone's shopping online now.
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firedragon54738
 Posts: 3113 Location: wisconsin |
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Well it good that it only chapter 11 but 200 stores that can be the one near me
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Teriyaki Terrier
 Posts: 5689 |
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Called it. I knew this would happen, was just a matter of time. I predicted that they would file chapter 11 this year (in fact I talked to my uncle who used to work with Wall Street and even he said they would go file chapter 11 by 2011.)
Although I don't like this news, if I were anyone who had any gift cards from them, I'd use them quickly before they become useless and have no value at all. I knew this would happen, but I didn't think it would happen in February. |
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taster of pork
 Posts: 596 Location: My House |
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I'm glad their not completely closing down. Hopefully none of the stores close to me will close.
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Glory Questor
 Posts: 456 |
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Actually, taking the Circuit City analogy, it's possible that any liquidators of Borders stores' inventory will most likely honor any Borders Group based gift cards if presented at that point. Sad times for Borders Group. They used to be a pretty good company, but being very late in changing with the times is coming back to haunt them, like the handling of the original Borders.com. As I said before, seems that Barnes & Noble will end up the mega-company of books as FYE is for music and GameStop for games. 
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Sailor S
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Well, I'm sure the one near me will close, because I'm pessimistic like that. Guess all my manga business will shift over to TRSI, and that's just a shame. Don't get me wrong, I love TRSI, but when it comes to manga I liked being able to pick it up and if it was a title I was unfamiliar with, flip through a couple pages to see if it might be something I'd like. Then there's the fact that I did buy stuff other than manga, and I've had an inexplicable aversion to using Amazon, so this news saddens me. Maybe I'll luck out and the one near me will be spared, which would be good because the people working there know me real well and are quite helpful. I just don't hold out much hope for it.
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enurtsol
 Posts: 14889 |
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I blame manga. Shouldn't have trusted on the fad so much. 
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dragonrider_cody
Posts: 2541 |
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Actually, that's been gone over again and again. Section 23 only does distribution. They do not hold any licenses. AeSir holds any old ADV licenses that are still remaining and haven't expired yet, and likely the ADV trademark as their only DVD release came out under the ADV banner. Sentai only has the ADV licenses that expired and were acquired by them later, like Burn Up or Orphen Season 1. Anything else is either expired or will be expiring soon. AeSir will likely cease any operations once the last of the ADV licenses expire. The only exception may be the Eva series and who knows what will happen with that. |
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Sacto0562
Posts: 288 |
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Borders failed because of two issues:
1) They don't have a decent mail order system to fall back on. Amazon.com is of course an online-only store, and Barnes & Noble aggressively got into online sales pretty early on (they had a strong online presence from around 1997 on). 2) Borders didn't jump on the e-book revolution fast enough, and should have sold its own branded e-book reader just like what Amazon and Barnes & Noble did. Indeed, right now B&N will actually survive because they're using the Nook e-book reader to complement their bookstores. |
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Racheldoublemm
 Posts: 112 Location: San Francisco |
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There's a pretty girl who works at the Borders I normally go to; I only hope mine doesn't close. I've heard so much about Borders that that's my only concern now.
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maxxjulie
Posts: 192 |
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some stores will close and most will remain. you guys are acting like they are all done for. i actually like borders better than bn for some reason. bn just feels a little preppy and gay inside their store. the best thing about borders is the 40% off coupon i've been getting in my email for 1 item every week. i keep going back and using it on expensive manga like Berserk. $14.99 for one friggin book! with the coupon and my membership discount i get it for almost half off. that's better than any deal you find online and i have the book in my hand that day. hope my borders stays open. i'm pretty sure it will because it's in the biggest mall in albany ny area and it's near a major university. no way it'll close.
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