Borders’ liquidation is a concrete sign of the rapidly shifting market for book sales. Borders was a victim of industry dynamics, exacerbated by a number of strategic errors, an insatiable desire to expand and rapid executive turnover.
The insatiable desire to expand - or malinvestment - on the part of this once great chain was its ultimate ruination. We can point at the executives and blame them all day long, but in the credit circus-boom environment, an executive who did not follow along with the extraordinary popular delusions and madness of crowds did not last very long in his job. I know an executive who left there in 2004 because he could smell the ashes.