Borders announced this week it would file for Chapter 11 bankruptcy protection. A statement from management said they did not have enough capital to continue as a viable competitor in the industry.
This doesn’t mean all the Borders stores will be closing their doors, as far as I know. But it certainly doesn’t bode well for brick-and-mortar bookstores, and that is such a shame. What if they were to fail in the restructuring attempt? Barnes and Noble would remain as the last man standing, a virtual monopoly, and how long would they last against the online sales markets?
I guess the good news is that books aren’t going the way of the dinosaurs (yet) just bookstores.
I love bookstores. I could easily lose a whole Saturday or Sunday afternoon perusing the shelves, skimming through opening chapters and backcover copy to decide which were worth purchasing and which went back on the shelf for someone else. Online outlets like Amazon.com just aren’t the same. Sure, they provide easy home access and huge selection, but I can’t run my fingers over the spine. I can’t turn to a random page and read to see if the exciting opening holds up for the rest of the story.
I can’t smell the paper and ink.
Then there’s the e-book revolution. We knew years ago it would come, and it sure has. More titles are available. Sales are skyrocketing. Last week the New York Times even started publishing an e-book bestseller list.
Authors can publish without spending tens of thousands of their dollars on a vanity press or going through the traditional publishing house system, which has been killing whole forests to make enough paper to print the tons of rejection letters they send each year. Literary agents are unnecessary middlemen when a writer can upload her book and sell it herself a major outlet like Amazon.com, right?
Maybe, maybe not. There are still plenty of kinks to work out in the business model.
But it does seem as if the whole publishing industry is turning inside-out.