Now Australia/NZ's biggest bookseller goes bust

The parent company of Borders Australia and Borders NZ (not owned by the US company) and our biggest single chain, Angus & Robertson, has gone into administration:

http://www.smartcompany.com.au/reta...alia-and-angus-robertson-chains-collapse.html

The owner of the Australian book selling chains Borders and Angus & Robertson has been placed in the hands of administrators, less than 24 hours after Borders in the US filed for chapter 11 bankruptcy protection.
Ferrier Hodgson was appointed as the company’s administrator late on Thursday afternoon. Partner Steve Sherman is handling the matter.
RedGroup Retail were contacted but a spokesperson declined to comment.
The first creditor’s meeting will take place within eight working days of the collapse.
So far reasons have not been given for the collapse, but the book industry has been hit hard by falling consumer confidence, a spending shift towards online book sellers and the rise of eBooks.

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The chaos continues. As I said, our Borders is not related to the US version, so it's interesting coincidence it should implode within 24 hours of its counterpart. They're saying the stores will remain operating while the administrators move in. I hope so, I've still got a $30 voucher left over from Christmas!

Of course, some of us have seen the writing on the wall for years. They've been run into the ground by nimble online competitors from overseas, who can mysteriously ship me books from the UK for ~50% of what Borders wants to charge down the street. And all the protection they've lobbied for hasn't done them one bit of good.

A grim update: the end has come.

The last nine Borders stores in Australia will be closed after no buyers could be found for the debt-laden bookselling chain, the administrator announced today.
A spokesman for Ferrier Hodgson said 315 staff members would lose their jobs by the closures that would be completed by the end of July.
Angus & Robertson's 59 locations remain unaffected, Ferrier Hodgson said, as would Borders' online operations.

Read more: http://www.smh.com.au/business/the-...ning-stores-20110602-1fhlq.html#ixzz1O7dAsi00​

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The last line is interesting for the suggestion Borders AU will live on as an online store. Hmm. If they charge prices competitive with Book Depository and other overseas stores, and can effectively take advantage of being local, they may yet prosper. But it'll be a substantially different world for bookbuyers, without the megastores.

I've taken big advantage of Borders' woes over the last few months, I must admit. I've visited most of their stores in Sydney several times each and snapped up some great bargains. It makes me feel a bit vulturous. But hey! The roaring trade their stores have been doing since they slashed their prices by 50-90% just maybe indicates that their ridiculously high prices were a major reason they couldn't compete.