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    Is your Borders gift card still good?

    The bookseller declares bankruptcy but says it will honor its gift cards. However, it might be prudent to redeem them soon.

    February 16, 2011

    What's the gift that never starts giving? A gift card from a company that declares bankruptcy or, worse, goes under.

    Bookseller Borders has filed for Chapter 11 bankruptcy, as expected. The chain, which operates more than 650 stores and employs 19,000 people, announced it plans to close one-third of its stores and concentrate on its e-book operations.

    Borders said it will continue to honor its gift cards, both online and even at stores targeted for closure. Still, millions of dollars in unredeemed gift cards could be in danger if the company changes that policy.

    So it's probably wise to use up those dollars as soon as possible, and encourage those who received Borders cards from you to do the same.

    According to MyBankTracker, when Sharper Image filed Chapter 11 in 2008, it temporarily suspended acceptance of its gift cards, then later offered cardholders the option of receiving a one-time 25% discount on card value at rival retailer Brookstone, or filing proof of their claim with the bankruptcy court -- where it would be one of the last debts satisfied. All told, there was a combined $20 million loss in gift cards through the bankruptcy filing, according to InsWeb, an online insurance marketplace.

    On the other hand, customers holding gift cards for Circuit City, which liquidated in Chapter 11 in 2008, were allowed to redeem the full value of their gift cards during the company's liquidation sales.

    Once considered one of the nation's best booksellers, Borders was late jumping into e-books and faltered as the economy and its brick-and-mortar business model crumbled. Industry watchers note that the company, which was founded as a used-book store in Ann Arbor, Mich., in 1971, has been churning its top management in recent years and has made poor decisions on store locations.

    Add to that other mistakes and bankruptcy became inevitable -- "outsourcing its e-book business to arch-competitor Amazon.com for years; a costly overseas expansion; and an expensive stock buyback program that rewarded shareholders but left the company low on cash as changes in book buying behavior mounted," The Washington Post summarized.

    Company president Mike Edward said the bankruptcy will allow Borders to restructure its debt. Near the end of December, it had liabilities of $1.29 billion and assets of $1.28 billion, according to Reuters. The 200 stores it plans to close are taking a $2 million-a-week toll on profits, the company says.

    Can Borders become a contender again in the rapidly evolving book market? "The move gives Borders room to breathe and cut its debt, but unless the company can regroup in a hurry, it may never regain prominence," Dave Rosenthal wrote at The Baltimore Sun's Read Street blog. "… As more and more folks buy e-readers, that market will increase rapidly, and Borders will be missed less and less."

    Which Borders stores will close (.pdf file)

    "To go bravely forward is to invite a miracle."

    "Worry is the darkroom where negatives are formed."

    #2
    Call me old-fashioned, but I sure hope regular paper books don't go the way of the dinosaurs. Even if I had the money, those e-readers don't seem near as good to cozy up with on a chilly winter afternoon. Plus, you can't buy e-books at garage sales and Goodwill for $.25 a piece!
    Filed Ch 7 Pro Se 11-18-2010 341 Meeting 12-16-2010 Discharged 2-15-2011
    New Job 7-2011

    Comment


      #3
      I'm not surprised. And this is one that you really can't blame on the economy. This is what usually happens when technology is created that doesn't really require an actual book to read. I know that I haven't bought a CD since I got an Ipod.

      I am hoping that they do pull through this as I really don't want to get one of those Kindle's, I prefer books.

      Comment


        #4
        I just recently bought a Nook Color and I must say that I really like it. I find myself reading much more then I would if I had to go to the library to get a book; in fact, my local library even offers e-books you can check out like a regular book.

        When the recently blizzard hit it was nice to be able to download a book from Barnes and Noble and curl up on the couch and read.
        Filed Chapter 7: 8/11/2010 341: 9/13/2010 Done!!
        9/14/2010 Trustee Report of No Distribution
        Discharged 11/15/2010 Closed 11/18/2010

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          #5
          Originally posted by stormy View Post
          I just recently bought a Nook Color and I must say that I really like it. I find myself reading much more then I would if I had to go to the library to get a book; in fact, my local library even offers e-books you can check out like a regular book.

          When the recently blizzard hit it was nice to be able to download a book from Barnes and Noble and curl up on the couch and read.
          Stormy - how much does an e-book cost online? Are they all the same price? Are there ever any sales or freebie? Tks for info!
          Filed Ch 7 Pro Se 11-18-2010 341 Meeting 12-16-2010 Discharged 2-15-2011
          New Job 7-2011

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            #6
            They range in price from free to $14.99 for new releases through Barnes & Noble. Of course if I get a book through my local library those are free; you have 2 weeks to read them just as you would if you went and checked out the physical book. Bad thing is they don't have a lot of titles available in e-books yet but they're working on it.

            The reason I went with the Nook over the Kindle is that my local library's e-books are in a format the Kindle doesn't support.

            Yes they do have sales and I've gotten two coupons for 15% off.
            Filed Chapter 7: 8/11/2010 341: 9/13/2010 Done!!
            9/14/2010 Trustee Report of No Distribution
            Discharged 11/15/2010 Closed 11/18/2010

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              #7
              I didn't know you could download e-books from library. Thanks for the information.

              Comment


                #8
                B&N also has Free Friday Downloads for the Nook. Some of the freebie books have been quite good. They also have some of the old classics for under a dollar per book.

                I have used my Nook so much (mine was one of the very very first ones out for Christmas of 09) that I have minute cracks on the forward and back buttons. LOL But I have slept on it, closed it into my recliner, had the dogs step on the LCD screen and it keeps on ticking away!!

                You can also loan some of the books you buy to other Nook users for 2 weeks with the Lend-Me feature.
                ~~ Filed Over Median Income Chapter 7: 12/17/2010 ~~ 341 Held: 1/12/2011 ~~ Discharged: 03/16/2011 ~~
                Not an attorney - just an opinionated woman.

                Comment


                  #9
                  Originally posted by ValleYum View Post
                  B&N also has Free Friday Downloads for the Nook. Some of the freebie books have been quite good. They also have some of the old classics for under a dollar per book.

                  I have used my Nook so much (mine was one of the very very first ones out for Christmas of 09) that I have minute cracks on the forward and back buttons. LOL But I have slept on it, closed it into my recliner, had the dogs step on the LCD screen and it keeps on ticking away!!

                  You can also loan some of the books you buy to other Nook users for 2 weeks with the Lend-Me feature.

                  Sounds like the Nook is pretty sturdy!!
                  Filed Chapter 7: 8/11/2010 341: 9/13/2010 Done!!
                  9/14/2010 Trustee Report of No Distribution
                  Discharged 11/15/2010 Closed 11/18/2010

                  Comment


                    #10
                    DH and I both got kindles for christmas and we love love love them! There is some way that you can convert library e-books to the kindle format, but we live in the sticks, and our libraries hardly know what the internet is, let alone an e-reader. Kindles can now loan out books for 2 weeks too! There are literally 100's of books you can download for free, and oh all the space you save not having all of those physical books lying about

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                      #11
                      So do I understand you correctly that you have 2 weeks to read it if its a library book but if you buy it for 15bux than its yours to keep and read whenever and it stays stored on your gadget?

                      Comment


                        #12
                        Originally posted by Babybear View Post
                        So do I understand you correctly that you have 2 weeks to read it if its a library book but if you buy it for 15bux than its yours to keep and read whenever and it stays stored on your gadget?
                        Yes. If you "borrow" it will disappear after 2 weeks. If you purchase, it is yours forever and ever!

                        My hubs and I have both our Kindles on the same amazon account, so any books we buy can be sent to both kindles, forever and ever, for the single purchase price.

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                          #13
                          I'm definitely in the market for an e-reader and I think the Kindle is the way to go for me.

                          I just gotta, ummm, save for it *smirks*

                          Comment


                            #14
                            This is a stupid question, but how can an E-book go out of date?

                            Comment


                              #15
                              You don't have to buy a new piece of hardware to read e-books. You can download free "Kindle For PCs" software (from Amazon and others) and read the books on your PC or laptop.

                              You can't beat libraries for cost though, and most libraries allow up to 4 two-week renewals. If you can't read a book in 8 weeks, you are too busy. Books are nice if you have the room - and of course you never have to move... They are also a good place to hide your $100 bills... Just don't put them in library books.
                              “When fascism comes to America, it’ll be wrapped in a flag and carrying a cross” — Sinclair Lewis

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