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Thursday, July 21, 2011
Today in Slate: Meet the Bachmann's 'Ex-Lesbian' Friend; Plus, Is Yogurt Good For You?
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Moneybox: Readers Without Borders
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moneybox Readers Without Borders What killed the big-box retailer? Hint: It wasn't the Internet. By Annie LowreyPosted Wednesday, July 20, 2011, at 5:56 PM ET Of course running a bookstore is a hard, hard business in the age of the Internet. Still, Borders' decision to liquidate, closing 399 stores and laying off 10,700 employees, seemed shocking. As George Mason economist Tyler Cowen observed poignantly: "Not one single investor, in the whole wide world, thought Borders had a real economic future." The company itself gave three reasons for its demise in its corporate communication-cum-suicide note. "We were all working hard towards a different outcome," President Mike Edwards said. "[B]ut the headwinds we have been facing for quite some time, including the rapidly changing book industry, e-reader revolution and turbulent economy, have brought us to where we are now." To continue reading, click here. Annie Lowrey reports on economics and business for Slate. Previously, she worked as a staff writer for the Washington Independent and on the editorial staffs of Foreign Policy and The New Yorker. Her e-mail is annie.lowrey@slate.com.Join the Fray: our reader discussion forum What did you think of this article? POST A MESSAGE | READ MESSAGES Also In Slate Shafer: Murdoch Thinks Everyone Is Out To Get Him. He's Right! Should a Men's Soccer Team Hire Hope Solo To Be Its Goalie? The Internet Didn't Kill Borders. Bad Strategy and Dumb Ideas Did. | Advertisement |
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Microsoft Burns Another $728 Million Online
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